After months of tumultuous discussions, the US and Ukraine are almost ready to sign a mineral agreement, with just one remaining hurdle to resolve.
In an effort to repair relations with Trump and the White House, the prime minister of Ukraine announced that First Deputy Prime Minister Yulia Svyrydenko would be traveling to Washington on Wednesday to sign the deal. This accord is pivotal to Trump’s efforts to end Russia’s war in Ukraine and restore U.S.-Ukrainian relations.
According to the Financial Times, the most recent minerals agreement was finalized after Kyiv successfully negotiated a major concession from the Trump administration. This concession stated that the US’s contribution to the contract would be measured only by future military funding.
In February, Trump made it clear that he wanted access to Ukraine’s rare earth elements in exchange for sustained U.S. military backing in the war. He justified this demand by saying that the U.S. owes Kyiv billions of dollars in aid.
Unfortunately, talks stalled due to the well-known altercation between the president of the United States and the president of Ukraine, Volodymyr Zelenskyy, held in the Oval Office. On Saturday, though, at the Pope’s burial in Rome, the two finally crossed paths.
Reuters has seen a copy of the new deal that states the two nations will pool their resources to establish a rehabilitation fund. The fund would be financed by half of the earnings from the new mining licenses that Ukraine receives.
The United States will have first dibs on any future natural resource transactions with Ukraine under the proposed accord, but the document makes it clear that Washington will not be automatically given a cut of Ukraine’s mineral riches or gas infrastructure.
Only future help would be considered as America’s contribution to the fund; the war-torn nation of Ukraine would not be obligated to repay prior aid.
“Indeed, this is a strategically important agreement for the establishment of an investment partner fund,” Shmyhal stated on Ukrainian television. “This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”
According to three sources briefed on the matter, the Financial Times cites U.S. officials as demanding that Ukraine sign three documents simultaneously: the framework, a detailed fund agreement, and a technical document. Ukraine claims that this is not immediately possible because parliamentary ratification is required. Svyrydenko’s plane was reportedly delayed as a result.
The staff of Treasury Secretary Scott Bessent informed her to “be ready to sign all agreements, or go back home,” according to the Financial Times, which cites three sources familiar with the situation.
In addition to minerals like oil and natural gas, the United States is vying for access to over 20 other raw commodities that it considers strategically important to its interests. Titanium, found in plenty in Ukraine, is utilized in the aerospace industry for wing construction and other parts, and uranium, found in abundance in the country, is utilized in nuclear power plants, nuclear medicine, and nuclear weapons. Minerals found in abundance in Ukraine include graphite, manganese, and lithium—all of which find their way into EV batteries.
One important aspect for Kyiv is that, unlike a previous version, the accord would not obstruct Ukraine’s way to EU membership.
As a first step towards finalizing an agreement on exploiting Ukraine’s natural resources, the two parties signed a memorandum, which was released on April 18. They stated their intention to finish negotiations by April 26 and to finalize the pact promptly in the memorandum.