Ukraine and U.S. Finalize Minerals Deal Amid Growing Tensions
Ukraine has reached an agreement with the United States on a minerals deal, Deputy Prime Minister and Justice Minister Olha Stefanishyna told the Financial Times on Feb. 25. President Volodymyr Zelensky's office later confirmed the agreement to the Kyiv Independent.
The deal’s negotiations have intensified tensions between U.S. President Donald Trump and Zelensky over the past week. According to Financial Times, Ukraine secured more favorable terms and sees the agreement as a way to strengthen ties with Washington. Zelensky is expected to visit the U.S. for a signing ceremony in the coming weeks.
Key Details of the Agreement
The finalized deal, dated Feb. 24, establishes a fund to which Ukraine will contribute 50% of proceeds from the future monetization of state-owned mineral resources, including oil, gas, and related logistics. These funds will be reinvested in domestic projects.
Notably, the deal excludes resources that already generate revenue for Ukraine’s state budget, meaning major oil and gas producers like Naftogaz and Ukrnafta will not be affected. Additionally, the agreement does not include the security guarantees Ukraine had initially sought from the U.S.
A previous U.S. demand for a $500 billion claim over Ukraine’s natural resources—previously a major sticking point—was dropped in the latest draft, according to Economic Pravda, which reviewed the agreement.
Under the revised terms, 50% of revenues from Ukraine’s resource-related infrastructure, including ports, will go into the fund. Joint ownership will be determined by financial contributions, with shared management, though the U.S. will have decision-making authority under its laws. Follow-up agreements will clarify the U.S. stake in the fund and the terms of “joint ownership.”
Zelensky had previously rejected an earlier version of the deal due to the absence of security guarantees and a 1:2 repayment structure, which would have required Ukraine to return two dollars for every dollar received in aid.
Political Tensions Surrounding the Deal
In recent weeks, the Trump administration has ramped up pressure on Ukraine to finalize the agreement. Trump has publicly criticized Zelensky, calling him a "dictator without elections" and warning that he must "move fast, or he won’t have a country left."
Trump has framed the deal as a way to bolster Ukraine’s economy while ensuring the U.S. "recoups the tens of billions of dollars and military aid sent to Ukraine."
Russia’s Ongoing War Objectives
Meanwhile, Russia has yet to achieve its stated military goals in Ukraine. Russian Foreign Ministry Ambassador-at-Large Rodion Miroshnik told the state-run TASS news agency on Feb. 25 that the Kremlin’s objectives remain unmet.
"The objectives of the Special Military Operation have not yet been achieved," Miroshnik said, referring to Russia’s invasion. He pointed to Russia’s failure to fully occupy four Ukrainian regions it illegally annexed—Kherson, Zaporizhzhia, Donetsk, and Luhansk—and Moscow’s continued efforts to neutralize Kyiv as a perceived threat.
Despite these setbacks, Russian Foreign Minister Sergey Lavrov stated on Feb. 24 that Moscow would only agree to a ceasefire if negotiations produce a "sustainable result" favorable to Russia.
U.S.-Russia Talks and Trump’s Peace Proposal
The U.S. held direct talks with Russia in Saudi Arabia on Feb. 18 without Ukraine’s participation, sparking criticism from Kyiv and European leaders concerned about being sidelined. Discussions are reportedly underway for a meeting between Trump and Russian President Vladimir Putin, with Russian Deputy Foreign Minister Sergei Ryabkov suggesting it could happen by the end of February.
On Feb. 24, Trump claimed that Russia’s war against Ukraine could end "within weeks" and suggested that Putin might accept European peacekeepers in Ukraine as part of a settlement. The U.K. is reportedly preparing a plan to deploy 30,000 European troops as a post-ceasefire security guarantee.
Western intelligence officials remain skeptical about Moscow’s willingness to negotiate in good faith. According to NBC News on Feb. 18, Putin is using talks to consolidate Russian territorial gains rather than seeking a genuine peace deal.
Trump’s View on Ukraine’s Territorial Losses
During a meeting with French President Emmanuel Macron at the White House on Feb. 24, Trump commented on Ukraine’s prospects for reclaiming occupied territories.
"You’re asking whether or not they (Ukrainians) could take back the land that they lost. And I say that yes, perhaps some of it, yes. But that’s not an easy thing to do,” Trump said.
He added that the issue is part of ongoing negotiations with Russia.
“We’ll see,” he said. “There has been a lot of land that has been taken, so we will have to see how it works out. It’s part of the negotiation.”
As diplomatic maneuvers continue, European leaders are working to secure long-term security guarantees for Ukraine. Macron has recently mobilized European counterparts on the issue, while U.K. Prime Minister Keir Starmer is set to visit Washington later this week to meet with Trump.
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