US-UKRAINE agreement: Does Zelensky really win?

A historical agreement between the USA and Ukraine promises reconstruction and access to minerals. But at what price for kyiv? Discover the underside of a controversial partnership …

Imagine a diplomatic chessboard where each pawn represents billions of dollars, strategic resources and the future of a nation at war. At the center of this complex part, an economic agreement between the United States and Ukraine, signed on April 30, 2025, vibrates the Chancellery. But behind smiles and handles, what hides this partnership? Volodymyr Zelensky, Ukrainian president, really he got what he wanted, or is this agreement a disguised victory for Washington? Let us dive into the meanders of this text, between Rare Lands, investment funds and power games.

A high -voltage agreement

For months, negotiations between kyiv and Washington have been marked by palpable tensions. This agreement, signed after a resounding failure in February 2025, promises to redraw economic relations between the two nations. But he raises a burning question: who really benefits from it ? To understand, let’s explore the main lines of this partnership and what it implies for Ukraine, a country still plagued by a devastating conflict.

Rare earths: a treasure under Ukrainian control

One of the most controversial points of this agreement concerns rarethese essential minerals for the manufacture of advanced technologies, from smartphones to electric vehicle batteries. Long overlooked, Ukrainian reserves have become a strategic issue. Initially, the United States would have demanded almost total access to these resources, in exchange for military and financial aid provided since the Russian invasion in 2022. A proposal that had made Zelensky, fearing a one-way exploitation.

“Ukraine retains full ownership and control of its resources. It is the state that decides where and what to extract. »»

Ioulia Svyrydenko, Ukrainian Minister of the Economy

After weeks of negotiations, kyiv obtained a major concession: Ukraine remains the owner of its subsoil. Extraction projects, including minerals, oil and gas, will be supervised by the Ukrainian state. However, reality is more nuanced. A large part of these resources is found in areas occupied by Russia, making their exploitation uncertain. In addition, the extraction of rare earths requires advanced technologies and massive investments, areas where American companies could play a key role.

An equal part investment fund

Another pillar of the agreement is the creation of a investment fund dedicated to the reconstruction of Ukraine, ravaged by three years of war. This fund, managed jointly by Ukrainian and American representatives, promises fair governance. None of the two parties will have a dominant voice, a point hailed by kyiv as a diplomatic victory.

This fund aims to attract international investors to finance infrastructure, energy and industry projects. For Ukraine, it is an opportunity to relaunch an exsangue economy. But some observers wonder: is this partnership not likely to promote American interests, in particular via juicy contracts for their companies?

No debt, but a precarious balance

A crucial point of the agreement concerns the absence of a reimbursement obligation for Ukraine. Unlike initial requests from the United States, which wanted to link the aid provided to a debt payable in natural resources, the final text does not impose any financial constraints on kyiv. A victory for Zelensky, who has always refused that his country is “in debt for generations”.

“None debt, no previous help is part of this agreement. »»

Denys Chmygal, Ukrainian Prime Minister

However, the United States does not leave losers. The American Treasury Secretary stressed that this agreement allows Americans to “participate” in the Ukrainian reconstruction, suggesting economic benefits for American companies. This partnership could therefore be a diverted way of making the help provided, without explicitly requiring it in the form of a debt.

The European Union: a preserved path

For Ukraine, integrate theEuropean Union There remains a strategic priority. During the negotiations, kyiv made sure that the agreement does not compromise its European ambitions. According to the Minister of the Economy, the text respects the Ukrainian Constitution and the country’s international commitments, including those towards the EU.

This compatibility is essential, because any obstacle to European membership would have been politically disastrous for Zelensky. The agreement therefore seems balanced on this point, although some analysts believe that the United States could seek to strengthen its influence in Ukraine to the detriment of Europe.

The absence of security guarantees: a weak point

If the agreement shines by its economic advances, it sins by its silence on the Security guarantees. Zelensky had made this aspect a sine qua non condition, hoping for a firm commitment from the United States to protect Ukraine against future Russian aggressions. However, the text vaguely mentions the independence of Ukraine, without concrete promise.

The United States has tried to reassure by saying that the presence of American workers on Ukrainian soil, especially for mining, would act as “automatic security”. A declaration that leaves skeptical, because it is based on an implicit logic rather than on a formal mechanism.

A signal to Russia?

Officially, this agreement sends a clear message to Moscow: the United States supports a “free, sovereign and prosperous” Ukraine. But in fact, it could also reflect an American strategy aimed at securing strategic resources while maintaining indirect pressure on Russia. By investing in Ukraine, Washington strengthens its influence in a key region, at the crossroads of European and Russian interests.

For Zelensky, this agreement is double -edged. On the one hand, it guarantees funds for reconstruction and preserves Ukrainian sovereignty over its resources. On the other, he exposes kyiv to increased dependence on the United States, without providing tangible military protection.

What challenges for the future?

In the short term, this agreement could give new impetus to the Ukrainian economy, by attracting investors and modernizing key sectors such as energy and infrastructure. But in the long term, several challenges are looming:

• International competition : Ukrainian rare earths also attract China and Europe. How will kyiv manage these lusts?
• Political stability : Reconstruction will require transparent governance to avoid corruption.
• Geopolitical risks : Without security guarantees, Ukraine remains vulnerable to Russia.

For Ukrainians, this agreement embodies both a glimmer of hope and a risky bet. The reconstruction of a country devastated by the war will depend on the ability of Zelensky to transform these commitments into concrete results, while preserving the independence of its country.

A fragile balance

By signing this agreement, Ukraine and the United States have laid the foundations for an ambitious partnership, but strewn with pitfalls. For Zelensky, this is a partial victory: he has preserved the sovereignty of his country over his resources and avoided overwhelming debt. But the absence of security guarantees and uncertainties around the exploitation of minerals remind you that this partnership is a balance game.

In a world where natural resources are increasingly dictating the balance of power, Ukraine is at the crossroads. Will this agreement be the springboard of an economic renaissance, or a subtle trap for an already weakened country? The future will say, but one thing is certain: each movement on this diplomatic chessboard will be closely scrutinized.