Ukraine has agreed to the terms of a deal that would allow the U.S. access to the country's rare earth and critical minerals reserves.

Ukraine controls more than 100 major deposits of critical minerals, according to a study by the Kyiv School of Economics, along with modest oil and natural gas reserves.

Ukraine said on Wednesday that it had reached a framework agreement with the United States on jointly developing Ukraine’s natural resources including rare earths, critical minerals, oil and gas.