The US-Ukraine Strategic Minerals Partnership in the Wake of Russia’s War of Aggression

Russia’s full-scale invasion of Ukraine has prompted not only military and diplomatic responses, but also novel forms of international agreements centered on co-investment in resources and infrastructure. This essay examines the “minerals deal” between Ukraine and the United States. The agreement establishes a joint venture for investment in mining, hydrocarbons, and infrastructure in Ukraine. Although the key details are set forth in a Limited Partnership Agreement (LP Agreement) that remains undisclosed, insights can be drawn from the publicly available Agreement on the Establishment of a United States–Ukraine Reconstruction and Investment Fund (UURIF), official statements, a leaked draft of the LP Agreement, and interviews. This essay analyzes the deal’s implications for both Ukraine and the United States, as well as for broader questions of international law and global economic governance. It argues that the arrangement marks a shift toward a more transactional model for U.S. assistance where the United States requires the opportunity by contract to obtain stakes in a country’s resources in exchange for U.S. aid, military support, and financing. The essay highlights transparency issues, as neither the United States nor Ukraine have made public the LP Agreement.