What happened
On 30 April 2025 the United States and Ukraine signed an agreement establishing a joint reconstruction investment fund financed from future revenues of new Ukrainian natural-resource projects, after two months in which earlier drafts had been rejected by Kyiv as a claim on past assistance. The signed text contains no security guarantee and no repayment obligation for aid already delivered; Ukraine's parliament ratified it in May 2025.
The instrument through which the new administration converted support into a commercial stake, and the first signed United States–Ukraine document of the negotiating period. It is cited in this module as the model for what Washington treats as a guarantee — an economic interest in Ukraine's survival rather than a security commitment — which is the gap the guarantee-in-force observable reads.
Confidence: High
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