Ukraine’s landmark minerals agreement with the United States is taking shape with the launch of a joint investment fund and the auction of new resource licenses, including the lithium-rich Dobra deposit. Signed in May, the deal ties U.S. assistance to Ukraine’s postwar recovery directly to its critical resource sector, granting Washington priority access to projects in lithium, aluminum, graphite, oil, gas, and rare earths. Officials in Kyiv describe the program as a cornerstone of reconstruction, while in Washington it is being cast as both an economic opportunity and a strategic foothold in Europe’s largest conflict zone.

A Strategic Partnership Forged In War

The minerals fund gives the United States first claim on profits, anchoring a relationship that goes beyond military aid. Economy Minister Oleksii Sobolev confirmed that a U.S. delegation will travel to Ukraine in September to decide which American companies will be awarded the first investments. The Trump administration, which brokered the agreement, has framed it as a way to secure U.S. stakes in Ukraine’s future while ensuring the flow of strategic materials crucial for defense and technology industries.

Opportunities And Risks For Ukraine

Kyiv is pitching the deal as a gateway to reconstruction funding and foreign capital. Prime Minister Yuliia Svyrydenko has also courted investors through Nasdaq meetings, tying resource development to Ukraine’s broader economic revival. Yet challenges loom: around one-fifth of mineral deposits lie in occupied territories, and European mining groups have raised disputes over license rights. For investors, the security situation and regulatory uncertainty remain significant risks. Still, officials argue that embedding U.S. capital into Ukraine’s mineral wealth guarantees long-term Western commitment to the country’s stability.

Global Implications Beyond Ukraine

The U.S.–Ukraine minerals fund mirrors a broader push by Washington to secure supply chains for critical resources and reduce dependence on China. Similar efforts are underway in Africa and Latin America, where U.S. and allied governments are competing for access to lithium, cobalt, and rare earths. Analysts see Ukraine’s deal not only as an instrument of wartime reconstruction but also as a template for resource diplomacy, binding security guarantees with economic leverage.