'A reflection of who we are': Hogan Lovells guides Ukraine on US minerals deal

Hogan Lovells advised the Ukrainian government on its recently signed landmark minerals agreement with the US, a deal the two countries hope will unlock billions in foreign investment and help reshape the country’s post-war economy.

Signed into law by President Zelenskyy on 12 May, the deal sets up a joint Reconstruction Investment Fund backed by both governments to develop Ukraine’s natural resources, including minerals, oil and gas.

The US will invest directly into the fund (including through continued military assistance) and help attract private and public capital, with revenues from new extraction licences flowing back into the fund. In return, it gets preferential access to Ukraine's vast mineral wealth.

The deal had reportedly been in the works for months with Trump framing it as a way for the US to recoup some of the $120 billion in aid already sent to Ukraine since the start of the war in 2022. The White House pushed to finalise the deal during Trump's now-famous meeting with Zelenskyy at the Vatican in April - where the viral photo of the two leaders sitting face to face in St Peter's Basilica was taken.

The Ukrainian government said it kept full control over its resources and state-owned companies under the agreement, which positions the US as a long-term economic partner and central to Ukraine’s post-war recovery strategy.

Hogan Lovells’ role

Hogan Lovells served as lead legal adviser to Ukraine, with a cross-border team advising on trade, M&A, tax and environmental law. Washington partners Deen Kaplan and Adam Kushner were among the senior lawyers on the mandate, as well as New York M&A partners Megan Ridley-Kaye and Peter Cohen-Millstein. The firm said the work demonstrated the strength of its geopolitical risk and national security practice.

"We are honored to have supported the Government of Ukraine in this important agreement with the United States, which represents a significant step in strengthening the partnership between our two nations", Kaplan said.

Writing on LinkedIn, CEO Miguel Zaldivar said: "Advising on matters of this magnitude is reflection of who we are at Hogan Lovells: A fully integrated global law firm, trusted to guide governments and businesses through their most complex, high-stakes issues."