WASHINGTON DC – The US and Ukraine are moving at breakneck speed to implement a new investment fund, part of a minerals deal promoted by President Donald Trump that is set to reshape the future of both countries.
New details released by the US Treasury on Friday provided a glimpse into the inaugural board meeting, revealing a partnership far more intertwined than initially understood.
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A new kind of foreign aid
On Wednesday, Ukraine’s Prime Minister Yulia Svyrydenko announced the first board meeting of the US-Ukraine Reconstruction Investment Fund, hailing the deal as a critical lifeline for Kyiv’s war-torn economy.
While her initial statement was celebratory, a more detailed US Treasury readout on Friday laid bare the mechanics of the fund, which will grant Washington preferential access to Ukraine’s immense mineral wealth.
According to the Treasury Department readout, the board meeting, hosted by Treasury Secretary Scott Bessent, was highly productive. The two sides approved key measures to operationalize the fund, including appointing a board chair and establishing committee charters.
But the most significant revelation was the discussion of “valuation protocols” that will allow the US to receive “preferred shares” in the fund for any military assistance it provides to Ukraine.
This detail, previously undisclosed, connects the two nations in an unprecedented way. It suggests a quid pro quo that links future US military aid directly to economic interests, a cornerstone of Trump’s foreign policy.
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The post contrasted with remarks from Wednesday, when the US president said that he had a “very good” relationship with the leaders of China, Russia and North Korea.
“Make both our countries great again”
In a statement, Secretary Bessent did not shy away from the transactional nature of the arrangement. “The Fund will help unlock an abundant and secure economic future for Ukraine – one built upon sound macroeconomic management and robust foreign investment,” he said.
He added: “I welcome this unprecedented opportunity for the United States to contribute directly to and benefit from Ukraine’s economic development and prosperity.”
The sentiment was echoed in another striking line from the statement: “Through this economic partnership, we can and will make both our countries great again.”
Kyiv is signaling its full commitment to the deal. To show it’s serious about attracting American investment, the government has launched a sweeping review of all mining licenses and opened up a tender for a lithium deposit site in the Kirovohrad region.
With deposits of 22 out of the 34 minerals deemed critical by the EU, Ukraine’s resources are invaluable to industries ranging from high-tech to defense.
The minerals deal presents a high-stakes gamble for Kyiv. It trades a share of its vast natural resources for much-needed capital and a deeper security commitment from its most important military ally.
For Washington, it secures a strategic supply of critical minerals and a direct stake in Ukraine’s reconstruction. It’s a partnership that stands to fundamentally alter the geopolitical landscape, but also one that raises questions about whether Ukraine is trading away long-term resource independence for short-term gains.
