Angelica Evans, Daria Novikov, Olivia Gibson, Davit Gasparyan, Nicole Wolkov, and Karolina Hird with William Runkel and Nate Trotter

May 1, 2025, 6pm ET

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The United States and Ukraine published additional information about their April 30 bilateral economic partnership agreement.The Trump administration and the Ukrainian government published the joint text of the US-Ukraine Reconstruction Investment Fund on May 1 and reported that the agreement is a "fully collaborative partnership" that will fund Ukraine's long-term reconstruction and modernization. The agreement establishes a joint fund that the United States and Ukraine will equally pay into to fund development, infrastructure, and natural resource extraction projects in Ukraine. Ukrainian officials noted that Ukraine will retain full control over "subsoil, infrastructure, and natural resources" and the right to determine the terms of use for Ukraine's natural resources. Ukrainian officials stated that United States can make monetary contributions or supply additional military assistance to Ukraine as part of the fund, and that Ukraine will allocate 50 percent of its state budget revenues from rent payments, license fees, and other revenue from national resource extraction projects to the fund. The Ukrainian Verkhovna Rada must ratify the agreement, and it appears that the United States and Ukraine will also have to sign a series of more technical agreements that will define the terms of the investments and projects in the future.

The Trump administration noted that the agreement signals US commitment to "Ukraine's long-term success" and noted that the United States and Ukraine will not allow any person, company, or state that supplied the Russian war effort to benefit from the reconstruction of Ukraine. US Treasury Secretary Scott Bessent also noted during an interview on Fox News on May 1 that the agreement is a "strong signal" to Russian officials that there "is no daylight" between the United States and Ukraine. Ukraine's participation in this agreement underscores Ukraine's continued willingness to make compromises in pursuit of a long-term, sustainable resolution of the war in Ukraine despite consistent Russian disinterest in US and Ukrainian peace proposals. 

Key Takeaways:

• The United States and Ukraine published additional information about their April 30 bilateral economic partnership agreement.

• US Special Envoy to Ukraine Keith Kellogg recently reaffirmed that Ukrainian officials remain committed to resolving the war in Ukraine, despite ongoing Russian refusals to accept US President Donald Trump’s repeated proposals for a general ceasefire in pursuit of lasting peace in Ukraine.

• Russia continues to reject US and European proposals to deploy Western peacekeeping forces to Ukraine and calls for Russia to make territorial concessions in pursuit of a lasting peace in Ukraine, signaling the Kremlin's unyielding negotiating position.

• Russian forces recently advanced in Sumy Oblast and near Lyman, Siversk, Pokrovsk, and Kurakhove.

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