In a significant development, the United States and Ukraine have signed a landmark agreement aimed at boosting American investment in Ukraine’s natural resources. While the final text of the agreement remains under wraps, a draft reviewed by the BBC, along with official statements, reveals the following key takeaways: 1. No Payback Clause for the US Aid Despite President Donald Trump’s earlier insistence that Ukraine should repay the $350 billion he claims the US has spent on aid, Ukrainian officials have reportedly confirmed that the deal includes no such condition. Ukrainian Prime Minister Denys Shmyhal said, according to the BBC, that the agreement "did not dictate that [Ukraine] pay back any supposed debt". Trump has nonetheless called the deal a victory, claiming the US will receive “much more in theory” than what was given to Ukraine by the Biden administration. 2. Tougher Language Against Russia The deal signals a shift in tone from the US under Trump’s leadership, using stronger language against Moscow. According to the BBC report, the US Treasury Department referred to “Russia’s full-scale invasion” and made it clear that “No state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.” This marks a significant departure from previous, more cautious rhetoric and could please Kyiv, which has sought more pressure on Moscow in ceasefire negotiations. 3. Deal Includes Oil, Gas and Minerals While the focus has largely been on Ukraine’s valuable mineral reserves, the agreement, the report said, also opens the door for oil and gas exploration and related infrastructure projects, in a move seen as representing a softening of Ukraine’s earlier stance, as oil and gas were not part of earlier drafts. According to the report, the resource ownership will remain with Ukraine, though the US will enjoy joint access. 4. No Obstacle to the EU Membership Kyiv was reportedly concerned that the deal might complicate its aspirations to join the European Union, especially due to existing raw materials agreements with Brussels. However, the agreement includes language that appears to ease those fears, at least for now. The US acknowledges Ukraine’s EU ambitions and agrees to renegotiate in good faith if any terms conflict with future EU obligations, the BBC report said, adding that the deal also encourages investment and technology transfer from the EU and other partners. 5. Profits to Be Reinvested in Ukraine—For Now One of the most critical aspects of the deal is a 10-year reinvestment clause. During this period, all profits generated by the investment fund will be reinvested in Ukraine’s economy, the report said, citing the draft copy of the signed agreement. Ukraine has reportedly said the money will go toward rebuilding efforts and new development projects, offering immediate economic relief. US Treasury Secretary Scott Bessent, for his part, is believed to have emphasized the mutual benefits, telling Fox News, “We have a chance to participate, get some of the funding and the weapons, compensation for those and be partners with the success of the Ukrainian people.” 6. US Military Aid Back on the Table The deal seems to reintroduce US military support as a component of bilateral cooperation — a notable shift from Trump’s earlier stance of rolling back defense aid. Ukrainian First Deputy Prime Minister Yulia Svyrydenko, who signed the deal in Washington, reportedly said it allows for new US contributions, including air defense systems. However, the Kremlin has yet to comment on the implications for the battlefield or potential peace talks. 7. No Binding Security Guarantees Despite the economic and potential military support, the deal does not contain binding security commitments from the US — something Kyiv and Europe have long sought, the report said, adding that the agreement instead ties American involvement to economic cooperation, which means Washington could still pull back support at any time, adding uncertainty to Ukraine’s long-term strategic outlook.