US-Ukraine natural resources deal ready for signing, treasury secretary says

The framework agreement between Washington and Kyiv on Ukraine's natural resources has been finalized and will be signed by the two countries' heads of state on Feb. 28, U.S. Treasury Secretary Scott Bessent said on Fox Business.

The long-debated agreement establishes a fund to which Ukraine will contribute 50% of proceeds from the future monetization of state-owned mineral resources, including oil, gas, and logistics infrastructure.

President Volodymyr Zelensky, whose plane reportedly landed in the U.S. earlier on Feb. 28, is expected to discuss the deal and possibly sign the framework agreement during a meeting with his U.S. counterpart, Donald Trump.

"Their (Ukrainian) governing council approved the deal last night. So, I have an agreement from their economy minister (Yuliia Svyrydenko). The deal is done," Bessent said in an interview with Fox Business on Feb. 27.

"President Zelensky is coming to sign the deal tomorrow... I'm sure President Zelensky and President Trump will have a wide-ranging discussion. But as far as the deal, it is complete, it is on paper."

Bessent clarified that the agreement concerns Ukraine's strategic minerals, oil, gas, and infrastructure assets, calling it a "win-win" as it "brings the Ukrainian people and the American business community together."

The treasury secretary presented the initial draft of the deal to Zelensky during his visit to Kyiv on Feb. 12. Ukraine rejected the first proposals as they lacked clear security guarantees and significantly overstated the aid the U.S. provided to Ukraine during the full-scale war, presenting it as a debt.

Zelensky's reluctance to pen the deal prompted Trump to lash out against the Ukrainian president publicly, denouncing him as a "dictator" and accusing him of refusing to hold elections while echoing the Kremlin's false narratives about Zelensky's illegitimacy.

As the U.S. and Ukrainian teams made progress on the deal, the final version of which was obtained by the Kyiv Independent, Trump softened his rhetoric, seemingly retracting his earlier statements.

"Did I say that? I can't believe I would say that," Trump said during a meeting with U.K. Prime Minister Keir Starmer when asked by a journalist whether he still considers Zelensky a "dictator."

While Ukrainian negotiators succeeded in pushing back on the toughest conditions set by the U.S. in the initial drafts, such as a demand for Kyiv to fill a $500 billion reconstruction fund and a 2:1 investment clause for Kyiv to double the aid given by the U.S., the current framework agreement still contains little regarding security guarantees.

Zelensky said that security commitments would be discussed in future rounds of talks with the U.S. and other partners, though Trump has already signaled he expects European partners to take responsibility for Ukraine's security.