BREAKING: Kyiv, Washington reach agreement on minerals deal

Editor’s note: This is a developing story.

Ukraine has reached an agreement with the U.S. on a minerals deal, Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister, told the Financial Times on Feb. 25.

President Volodymyr Zelensky’s office confirmed to the Kyiv Independent that an agreement has been reached.

The negotiations around the deal have fueled tensions between U.S. President Donald Trump and Zelensky in the past week.

According to the Financial Times report, Ukraine has secured more favorable terms and framed the deal as a way to strengthen ties with the U.S.

Zelensky is expected to head to Washington for a signing ceremony in the coming weeks, according to the Financial Times.

The final version of the agreement, 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. The fund will invest in projects within Ukraine.

The deal excludes resources that already contribute to Ukraine’s state budget, meaning it will not cover operations by Naftogaz and Ukrnafta, the country’s largest oil and gas producers.

The agreement does not include security guarantees from the U.S., which Kyiv had initially insisted on.

Explainer: Did Trump lie about $350 billion aid to Ukraine, and does Kyiv have to repay it?

U.S. President Donald Trump has claimed that the U.S. spent $350 billion on assistance for Ukraine. He also said he wants it back. Trump has used the sum to pressure Ukraine into signing a deal that would give the U.S. at least a 50% interest in Ukrainian

The Kyiv IndependentOleg Sukhov