Camilla Jessen
In his first public remarks on the agreement, President Trump claims the U.S. now comes out ahead in the Ukraine partnership.
President Donald Trump claimed on May 1 that the newly signed minerals agreement with Ukraine ensures the U.S. receives “much more” than the roughly $350 billion he says has been given to Kyiv—an amount widely disputed by independent analysts.
“We are in for $350 billion, or close to it… Biden handed them $350 billion between cash and military equipment. We got nothing,” Trump told NewsNation, as cited by The Kyiv Independent.
So I said, look, they have great rare earth… minerals, materials — things a lot of places do not have… We made a deal today — we get much more, in theory, than the $350 billion. I did not want to… look foolish.
According to the Kiel Institute for the World Economy, total U.S. assistance to Ukraine is closer to $130 billion.
What’s in the Deal?
Signed on April 30 after months of negotiations, the agreement does not tie repayment of past aid to access to Ukrainian minerals.
Instead, it sets up a 50-50 joint investment fund focused on new critical mineral and energy projects.
Ukraine’s First Deputy Prime Minister Yulia Svyrydenko clarified that the fund will share profits from newly licensed resource projects, while existing operations and state revenues remain untouched.
The deal has not been without drama.
A previously unreported confrontation occurred on February 28 between Trump and Ukrainian President Volodymyr Zelensky, when the final signing was originally scheduled. The two leaders reportedly clashed over control and equity terms within the deal, leading to a temporary delay.
Still, Trump signed off on the agreement this week, which some in his administration see as a diplomatic and economic win.
“This strengthens our position,” said U.S. Treasury Secretary Scott Bessent, who noted that the agreement could also serve as leverage to encourage Russia back to the negotiating table.
Will It Impact Putin?
Asked whether the agreement might put pressure on Russian President Vladimir Putin, Trump responded cautiously: “Well, it could.”
Trump framed the agreement less as a strategic necessity and more as a way to rebalance what he views as a lopsided relationship with Ukraine.
I wanted to be protected,” Trump said. “I did not want to look foolish.