Zelenskyy reveals full terms of landmark US-Ukraine subsoil agreement

Ukrainian President Volodymyr Zelenskyy has unveiled the terms of a major subsoil and economic partnership agreement signed between Kyiv and Washington, hailing it as a historic breakthrough for Ukraine’s economy and its international ties.

In a statement posted to his official Telegram channel, Zelenskyy noted that the agreement had undergone significant revisions during negotiations.

"The agreement has changed significantly in the process of preparation. Now it is truly an equal agreement, which creates opportunities for substantial investment in Ukraine, significant modernisation of production, and legal practices within our country," the Ukrainian leader wrote.

Importantly, Zelenskyy emphasised that the final document does not impose any debt obligations on Kyiv. Instead, it establishes mutually beneficial terms under which both nations are expected to profit. “The countries will work with each other on fair terms so that each of them can earn,” he added.

The president also framed the deal as the first concrete outcome of his recent meeting with US President Donald Trump at the Vatican, calling it a “historic” event whose results are now visible.

The framework agreement on economic partnership was officially signed on April 30. It focuses heavily on the development of Ukraine’s subsoil resources and formalises American involvement in the extraction of key mineral reserves, with implications for future military and economic cooperation.

According to Ukrainian media, which reviewed the full text of the document, the agreement covers 57 specific mineral resources, including oil and natural gas. These resources range from rare earth elements to strategic industrial minerals. Among the substances listed are aluminum, antimony, arsenic, barite, beryllium, bismuth, cerium, cesium, chromium, cobalt, copper, dysprosium, erbium, europium, fluorine, fluorspar, gadolinium, gallium, germanium, holmium, indium, iridium, lanthanum, lithium, lutetium, magnesium, manganese, neodymium, nickel, niobium, palladium, platinum, potassium, praseodymium, rhodium, rubidium, ruthenium, samarium, scandium, tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, uranium, vanadium, ytterbium, yttrium, zinc, and zirconium.

The agreement applies only to new mineral deposits, for which Ukraine will issue licenses after the accord enters into force. Any expansion of the list of minerals will require mutual consent from both governments.

Crucially, the document does not grant the United States or its companies a “right of first refusal” for licenses related to mineral extraction. However, American companies are guaranteed access to auctions or direct negotiations under terms no less favourable than those offered to other buyers.

Furthermore, the agreement excludes provisions related to the extraction or revenues from minerals not listed, as well as revenues from Ukrainian infrastructure—a clause reportedly proposed by the US in earlier drafts but ultimately removed.

In addition to economic elements, the agreement includes political parameters for future cooperation. It outlines frameworks for joint governmental efforts in subsoil development, mineral trade, and the provision of US assistance, including forthcoming military aid.

US President Donald Trump commented on the deal, stating that the agreement on mineral resources would yield returns for the United States that exceed its financial assistance to Ukraine.

The pact is being viewed in both Kyiv and Washington as a strategic step forward in strengthening bilateral ties and enhancing Ukraine’s resource independence amid ongoing geopolitical tensions.

By Tamilla Hasanova