Ukraine and US take first step toward strategic minerals deal

Friday 18 April 2025 - 10:09

By: Zahouani Ilham

Ukraine and US take first step toward strategic minerals deal

KYIV/WASHINGTON, Ukraine announced that it had signed a memorandum of intent with the United States as an initial move toward establishing a broader agreement on the development of mineral resources within Ukrainian territory. The initiative has been strongly advocated by former U.S. President Donald Trump.

Although a formal agreement was expected in February, talks were delayed after a contentious Oval Office meeting between Trump and Ukrainian President Volodymyr Zelenskyy erupted in disagreement.

"We are pleased to announce the signing with our American counterparts," stated Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of the Economy, via social media following the ceremony.

This memorandum lays the groundwork for a future economic partnership and includes plans for an investment fund dedicated to Ukraine’s reconstruction efforts, Svyrydenko added.

The agreement signals a renewed commitment to U.S.-Ukrainian collaboration, particularly as Kyiv seeks to strengthen ties with Washington amid its ongoing conflict with Russia, which launched a full-scale invasion in 2022.

According to Ukrainian officials, the minerals agreement forms a critical component of this strategic cooperation.

Trump indicated that the full agreement might be finalized as early as next week, although Ukrainian authorities have yet to confirm a specific timeline.

A Ukrainian delegation visited Washington last week for further negotiations, responding to a broader proposal from the United States. While an initial framework was established, it has not yet been formalized through signature.

“We have a minerals deal expected to be signed Thursday,” Trump told reporters from the White House. He emphasized the importance of the accord, which would give the U.S. priority access to Ukraine’s key natural resources—a move he describes as compensation for military aid extended under the Biden administration.

U.S. Treasury Secretary Scott Bessent, speaking beside Trump, confirmed that discussions are ongoing and suggested that the signing could take place by the following Friday.

“It’s essentially what was already agreed upon,” Bessent said, referencing the original memorandum of understanding. “We’ve progressed to a comprehensive deal, approximately 80 pages long, and that’s what we’re preparing to sign.”

The White House has not released further details regarding the contents or timing of the agreement.

President Zelenskyy noted that the memorandum could be signed digitally and described it as a gesture of goodwill, reflecting productive dialogue. He acknowledged that while the memorandum does not require legislative ratification, the final deal would need approval by Ukraine’s parliament.

Earlier, Svyrydenko highlighted that the memorandum represents the first official recognition of significant progress between Kyiv and Washington in negotiating the deal.