US-Ukraine minerals fund could begin operating within months, Economy Minister says

Ukraine's joint investment fund with the U.S., created under the minerals cooperation agreement, could begin operating within months of its ratification by the Verkhovna Rada, Econony Minister Yulia Svyrydenko said on April 1, Suspilne reported.

The agreement, signed on April 30, establishes a foundation for deeper U.S.-Ukrainian economic cooperation by setting up a limited partnership fund to invest in critical minerals and energy projects.

"Our task is to do this as soon as possible, but it is very difficult to predict it now. I think it will take months, definitely not years," Svyrydenko told reporters in Washington.

The deal comes after months of contentious negotiations, including a heated Oval Office argument between President Volodymyr Zelensky and U.S. President Donald Trump in February, which initially delayed its signing.

The finalized agreement explicitly avoids linking previously received U.S. military aid to the fund — a sticking point in earlier drafts that triggered concerns over American access to revenues from Ukrainian state energy enterprises.

The fund will operate as a joint venture between the U.S. International Development Finance Corporation and Ukraine's Agency for Supporting Public-Private Partnership.

Financing will come exclusively from new licenses issued after the fund's creation. Fifty percent of revenues generated from new critical minerals, oil, and gas licenses will be directed into the fund, Svyrydenko said.

The agreement details a list of 57 mineral resources covered, including strategic materials such as uranium, lithium, rare earth elements, gold, platinum, oil, and natural gas.

Any future expansion of the list requires mutual consent. Earlier leaked drafts, which sparked political backlash, had fueled speculation about possible U.S. control over Ukraine's legacy state-owned assets — concerns the final document addresses.

Opposition MP Yaroslav Zhelezniak said the ratification vote may take place during the plenary week of May 13–15. Following ratification, two supplementary agreements will be signed: one to legally establish the fund and another to finalize technical and operational details.

U.S. Treasury Secretary Scott Bessent previously said the agreement signals Washington's long-term commitment to Ukraine as an economic partner and could serve as leverage in ongoing efforts to push Russia toward negotiating an end to its full-scale war against Ukraine.