Donald Trump has completed the first 100 days of his second presidential term without delivering on a central campaign promise—to end the war in Ukraine "on day one." Yet U.S. diplomatic engagement remains intense. Talks continue, though a core contradiction persists: Kyiv insists on restoring territorial integrity, while Moscow demands a public capitulation.
Ukraine has agreed to a resource deal that may bring long-term investment but offers no guarantees of peace. The agreement signals U.S. involvement in Ukraine’s future—though how deep that commitment runs remains uncertain.
The agreement signed on Wednesday between the U.S. and Ukraine on the use of Ukrainian mineral resources could eventually channel substantial funds into a joint investment fund dedicated to the country’s postwar reconstruction.
But the real dividends from the deal are not imminent. Developing the deposits will take years, and it remains unclear whether the projections will bear out. Donald Trump has previously claimed that mineral wealth would not only help Ukraine rebuild but also secure long-term prosperity.
The version of the agreement published by the Ukrainian government on Thursday offers no specifics on how the deal will be implemented. Earlier drafts pushed by the Trump administration proposed that proceeds from resource extraction be used to repay U.S. military aid—but this provision was omitted from the final nine-page document.
The agreement also appears to leave the door open to Ukraine’s potential accession to the European Union—a step that neither the U.S. nor Russia has formally opposed.
The document, however, includes no security guarantees—an element Kyiv had especially hoped for. Such assurances were expected to help deter Russia from regrouping its forces in the event of a ceasefire.
Still, the agreement represents a significant political gesture: Donald Trump has now, however reluctantly, publicly tied his administration to Ukraine’s future.
"This document sends a clear signal to Moscow that the Trump administration is committed to a peace process grounded in the vision of a free, sovereign, and prosperous Ukraine," U.S. Treasury Secretary Scott Bessent said on Wednesday.
Analysts in Kyiv largely agreed: now that Trump is involved, his interest in Ukraine may become more consistent. "He’s a businessman—he always does the math," said political analyst Volodymyr Fesenko. "If he’s personally tied to the deal, it could keep U.S. attention focused on Ukraine. But how it all plays out remains to be seen."
The agreement is subject to ratification by the Verkhovna Rada. Lawmakers say a vote could take place within two weeks.
Meanwhile, Kyiv received only part of what it had hoped for. On the 100th day of Donald Trump’s presidency, Ukraine signed an agreement that lacked the one element it most sought—security guarantees.
The episode marked another turn in Trump’s inconsistent stance on the war that began with Russia’s invasion in February 2022. He has repeatedly accused Kyiv of provoking the conflict and has at times appeared to place more trust in Vladimir Putin than in Ukraine’s leadership. Questioning the scale of aid provided under Joe Biden, Trump has shown open irritation at Volodymyr Zelensky’s continued requests for military support.
The sharpest confrontation came on February 28, during what was meant to be a ceremonial signing of a revenue-sharing agreement on resource extraction in the Oval Office. The meeting ended in acrimony: Trump and Vice President J.D. Vance publicly rebuked Zelensky, who soon after left the White House. Military aid and intelligence cooperation were suspended.
Still, Trump continues to insist he wants to end the war. His campaign slogan—"stop it in 24 hours"—has since been walked back, with Trump later admitting it was never meant to be taken literally.
The Trump administration is now exerting pressure on both Kyiv and Moscow in a bid to secure at least a temporary truce—such as a 30-day pause in fighting. Ukraine, eager to repair ties with Washington, quickly agreed to the terms. Russia declined.
For Kyiv, the resource deal offered a way to regain some leverage in the process. Ukrainian officials had hoped to include at least symbolic security guarantees in the agreement. Without them, they argued, any ceasefire would be fragile—Russia has violated such arrangements before.
Trump, for his part, claims that the involvement of American business is itself a deterrent. If the U.S. invests in Ukraine’s economy, he argues, Moscow would think twice before launching another offensive.
Even so, the quietly signed agreement essentially mirrors the draft that collapsed in February—though this time, it carries the weight of Trump’s personal political commitment.
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