Has the United States "trapped" Ukraine?

^{The agreement was signed by ministers S. Bessent and Yu. Sviridenko.
Photo: US Treasury Department}
After months of diplomatic disputes, Washington and Kyiv have signed an agreement regarding the exploitation of Ukraine's natural resources.

Within the framework of the agreement signed on April 30, an investment fund for the reconstruction of Ukraine will be established.

The U.S. Department of the Treasury interpreted the signing of the document as an expression of President Donald Trump's "steadfast commitment to supporting a free, sovereign, and prosperous Ukraine."

Ukrainian experts interviewed by DW have split into two camps regarding the agreement. One group of analysts viewed reaching an agreement with the Trump administration as a diplomatic success. Meanwhile, another group of experts believes that "the United States has trapped Ukraine."

It is noteworthy that the document was approved not by presidents, as initially planned, but by ministers. The agreement was signed by U.S. Treasury Secretary Scott Bessent and Ukraine's Deputy Prime Minister and Minister of Economy Yulia Svyrydenko.

According to the document, Washington and Kyiv will establish a joint fund for the reconstruction of Ukraine and for attracting investments. All natural resources located in Ukraine will remain under Kyiv's control. The fund will operate on a "50/50" basis, meaning both parties will have equal rights in management and share profits equally.

According to analyst Ilya Neshodovsky, the agreement with the U.S. is of great importance for Ukraine.

"We will give part of the income from our resources to the United States; in return, we will receive military and financial aid, as well as American investments. The Americans, assured of controlling the expenditure of funds, will further increase investments in the Ukrainian economy," said Neshodovsky.

Ukraine’s former Minister of Economy, now head of the Kyiv School of Economics, Tymofiy Mylovanov, also positively assessed the agreement.

"This is a huge political and diplomatic victory for Ukraine. It gives Trump a domestic political victory, which will further improve attitudes toward Ukraine. Ukraine was able to protect its interests within the framework of the agreement. Despite the excessive demands and strong pressure from the partner side, they were eventually canceled," stated Mylovanov.

However, another group of analysts criticized the agreement for lacking any clause related to security guarantees for Ukraine. Whereas President Volodymyr Zelensky had previously insisted that the U.S. should guarantee Ukraine’s security in exchange for exploiting its natural resources.

"It should be understood that the agreement is political in nature. It is a step toward renewing relations with the United States. However, it does not include security guarantees, which is a serious problem for Ukraine," said Yevhen Magda, Director of the Institute of World Policy.

According to him, previous international security agreements signed by Ukraine were more beneficial than the one reached with the United States.

It is worth noting that the White House administration has exerted strong pressure on Kyiv to sign an agreement on natural resources. In particular, President Trump stated that the United States has provided $350 billion in assistance to Ukraine since the war began, and demanded from the Ukrainian government $500 billion in compensation through natural resources.

President Zelensky, in turn, clarified that the U.S. provided Ukraine not with $350 billion, but $100 billion, and that this amount was granted as aid, not as a loan.

"I will not sign an agreement that will become a burden on the shoulders of ten generations of Ukrainians," said Zelensky, refusing to sign the initial document proposed by Washington.

As previously reported, the planned meeting at the White House for signing the natural resource agreement ended with an unprecedented diplomatic confrontation between Trump and Zelensky.

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