President Donald Trump has defended a new U.S. minerals deal with Ukraine, claiming it will yield greater returns than the $350 billion Washington has provided Kyiv in military aid since the start of Russia’s full-scale invasion in 2022.
Speaking publicly about the agreement for the first time, Trump emphasized the strategic value of Ukraine’s vast natural resources, stating, “We get much more, in theory, than the $350 billion.”
The former president, who returned to office after the 2024 election, told a panel on NewsNation that the deal was a smarter move than what he called President Joe Biden’s “foolish” aid commitments to Ukraine.
“Biden handed them $350 billion between cash and military equipment. We got nothing,” Trump said. “So I said, look, they have great rare earth… minerals, materials — they have things that a lot of places do not have.”
The minerals agreement establishes a joint investment fund that will develop and profit from Ukraine’s reserves of critical materials, including lithium, titanium, and graphite.
Ukrainian officials described it as a 50-50 partnership that allows Kyiv to retain sovereignty over its subsoil resources and infrastructure, without incurring debt.
While the deal includes no explicit security guarantees, U.S. and Ukrainian officials praised the agreement as a sign of enduring cooperation.
Treasury Secretary Scott Bessent, who signed the deal on behalf of the United States, said it signals “there is no daylight between the Ukrainian people and the American people.”
“This gives President Trump the ability to now negotiate with Russia on even a stronger basis,” Bessent told Fox Business Network.
Trump also suggested that the increased U.S. presence associated with the deal could help deter “bad actors” from destabilizing Ukraine.
Relations between Trump and Ukrainian President Volodymyr Zelenskyy had soured earlier this year following a televised confrontation at the White House. Despite that, the new agreement has been interpreted by both governments as a fresh step in the bilateral relationship.
Russia has yet to issue an official response. However, former Russian President Dmitry Medvedev claimed the deal signaled Ukraine’s subjugation, alleging that the U.S. had “broken the Kyiv regime” and would ultimately force it to repay past military assistance.
An early version of the agreement reportedly included a clause requiring Ukraine to repay U.S. aid through the joint fund.
However, Prime Minister Denys Shmyhal confirmed on April 28 that the repayment clause had been removed.
In a parallel development, the Trump administration has notified Congress of its intention to approve the sale of more than $50 million in defense articles to Ukraine—marking the first such move since Trump returned to office.
