Paul Kirby, James Fitzgerald, Tom Siegegan
BBC News
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The US and Ukraine have signed a contract to allow Washington to access some of the natural resources of the war-torn country.
For months, we will set up an investment fund that Ukraine hopes to strengthen its support as it struggles to repel Russia three years after the invasion.
The BBC is looking at the draft deal, although not the final text. Based on that and official statements from both sides, here are seven important takeaways.
There is no return for Ukraine to us
Trump had previously demanded that Ukraine be repaid $3500 billion (£264 billion) of aid that he claimed was provided by the US during the war.
However, Washington appears to have made a concession. Ukrainian Prime Minister Dennis Schmichal said the agreement did not direct his country to repay its supposed “debt.”
Trump styled the agreement as a victory for his part, saying his country would return “in theory much more” than the billions offered to Ukraine by his predecessor Joe Biden.
Severe tone from us to Putin
The language that the US used when announcing the deal is usually more directed towards Russia than the case from the Trump administration.
A statement from the US Treasury Department refers to a “full Russian invasion,” adding that “the state or person who funded or supplied the Russian war machinery will not benefit from the reconstruction of Ukraine.”
This is Khame Kiev, who is demanding that Russia be put more pressure on them to discuss the possibility of a ceasefire between Moscow and Washington.
See: We signed a historic natural resource deal with Ukraine, says Scott Bessent
Oil and gas are found together with minerals
Despite the fact that many of the talks on the trade are related to Ukraine’s mineral wealth, the agreement also includes provisions for new oil and gas projects and related infrastructure.
In all cases, resources remain Ukraine’s ownership despite the US gaining joint access.
This has been seen as a softening of Ukraine’s position.
It will not hinder Kyiv’s EU ambitions
Ukraine has long been aiming to join the European Union, and the membership conference officially began last June.
As Kyiv and Brussels already have a strategic partnership on raw materials, there have been some concerns that resource trading could hinder Ukrainian’s ability to join the EU if they give US investors priority treatment.
However, the transaction text states that it acknowledges the need for Ukraine to have the US join the EU and not conflict with this agreement.
It also states that the US agrees to negotiate in good faith if Ukraine needs to reconsider the terms of the transaction due to “additional obligations” as part of its participation in the EU.
Additionally, Kyiv said the US will support Ukraine’s investment and additional technology transfer, including the EU and elsewhere.
US military commitment back to the table…
The US has framed the deal as an integral part of Ukraine’s signature to continue its military aid.
Ukraine’s first deputy prime minister, Yulia Swillidenko, flew to Washington, DC to sign the contract – said the US is hoping to contribute to new support in the future, such as air defense systems.
This too marks a change in Trump’s strategy of trying to curb military support for Ukraine since returning to the White House.
One notable question is what agreement ultimately means for the state of war. The Kremlin has not responded to the contract yet.
…But we can still leave anytime
There appears to be no specific security guarantees from the US. This is something Ukraine and Europe have been pushing for long to offer the White House.
Trump has long been reluctant to give the same military commitment Biden gave him.
Instead, his interest in maintaining the course with US support for Ukraine is more implicit due to the economic commitment set out in this agreement.
This means there is still vulnerability in the commitments of Ukraine’s most important allies.
Profits to be reinvested in Ukraine?
One interesting point highlighted by the Ukrainian government is that for the first decade of the Reconstruction Investment Fund, profits will be “fully reinvested into the Ukrainian economy.”
This could potentially be important if the US has no economic benefits for 10 years.
However, this provision does not appear to be in an agreement signed in Washington, but could later become part of an additional “technical” deal.
After that first decade-long period, Kiev says that profits could be distributed among partners.
US Treasury Secretary Scott Bescent told Fox News late Wednesday that the deal was a signal that “we have the opportunity to participate, get some of our funds and arms, and we will be partnering with compensation for them and the success of the Ukrainian people.”
