US, Ukraine minerals deal will finally go live in 2026
The joint U.S.-Ukraine investment fund, known as the minerals deal, will go live early next year, Ukraine's Economy Ministry said in a press release.
The fund's board of directors reached final consensus on several administrative steps on Dec. 18, paving the way for the fund to accept investments starting in early 2026, the statement said.
Ukraine signed a so-called "minerals deal" with the U.S. in April 2025, which established a joint investment fund in Ukraine and gives the U.S. favorable access to investment projects in Ukraine.
"We are now moving from paperwork to reconstruction, developing a high-quality pipeline to deploy capital into projects that support Ukraine’s long-term growth and supply chain resilience,” said Oleksii Sobolev, Ukraine's Economy Minister.
The press release stated that proposals can be submitted for consideration on a public website, which will be launched in January 2026. The ministry expects the first investment decisions to be made by the end of next year.
The fund will focus on five key sectors — including critical minerals, energy, infrastructure, ICT and emerging technology.
Back in September, Sobolev said that the U.S. is particularly interested in Ukraine’s critical raw materials, like lithium, and gas projects.
The statement follows progress in recent months towards launching the fund.
Ukraine and the U.S. held the first board meeting in September 2025, which was followed two weeks later by a pledge from both sides to invest $75 million each into the fund.
Also in September, a U.S. delegation scouted titanium, zirconium, and hafnium deposits to assess potential starter projects for the deal.
In November 2025, global consulting firm Alvarez & Marsal was selected to be an investment advisor for the initiative.
"With the fund advisor in place, core policies and procedures approved, and $150 million in initial capital committed, the fund is ready to begin investing in Ukraine’s reconstruction," Sobolev said.
For the first 10 years of the agreement, all profits will be directly reinvested into Ukraine. U.S. military assistance could also be considered as contributions to the fund.
