Ukraine and U.S. to Finalize Mineral Resources Deal

Kyiv announced on Friday its intention to conclude negotiations by the end of next week on a collaborative agreement with the United States for the exploitation of Ukrainian mineral resources. This move is seen as an effort to strengthen the wavering U.S. support for Ukraine in its conflict with Russia.

Details of the Proposed Agreement

While the specifics of the deal are still under discussion, the U.S. has indicated its expectation of preferential access to Ukraine’s natural resources as a form of compensation for the military support provided to Ukraine over the past three years. A memorandum of intent was signed by both nations on Thursday, setting the stage for the final agreement.

The memorandum aims to finalize the deal by April 26, with signatures to follow shortly thereafter. Ukrainian Prime Minister Denys Shmyhal is scheduled to meet with U.S. Treasury Secretary Scott Bessent in Washington early next week to advance the negotiations.

Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy, expressed her satisfaction with the progress on social media, stating, “The document testifies to the constructive joint work of our teams and the intention to finalize and conclude an agreement that will be beneficial to both our peoples.”

Economic and Strategic Implications

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The memorandum outlines the establishment of an economic partnership and an investment fund aimed at Ukraine’s reconstruction. However, it remains silent on the specific terms of access and potential revenue for the United States.

President Donald Trump, highlighting the significance of the minerals deal, mentioned that it is expected to be signed soon. Trump has previously criticized the financial aid provided to Ukraine by his predecessor, Joe Biden, and has advocated for stronger relations with Moscow, despite its aggressive actions in Ukraine.

Controversial Aspects of the Deal

A draft of the minerals deal discussed earlier this month would grant the U.S. privileged access to Ukrainian mineral deposits and require all income from the exploitation of these resources by Ukrainian entities to be placed in a joint investment fund. This draft, however, does not offer U.S. security guarantees to Ukraine, which remains a critical concern for Kyiv as it continues to combat Russian occupation of its territory.

Inna Sovsun, a member of Ukraine’s parliament, voiced concerns over the deal, stating, “It feels a little bit like another country is using our vulnerability, which was not created by us.” She emphasized the importance of considering the future residents of Ukraine in these negotiations.

Resource Rich Ukraine

Ukraine is known for its substantial natural resource deposits, including rare earth elements crucial for electronics, along with graphite, lithium, titanium, and uranium.

Challenges and Previous Negotiations

The journey towards this deal has not been smooth. An earlier version was set to be signed in February during a meeting between Zelenskiy and Trump at the White House, but was postponed following a contentious exchange. Additionally, the U.S. briefly halted intelligence sharing with Ukraine, crucial for its defense against the Russian invasion. Since then, efforts have been renewed to salvage the bilateral relationship and focus on cooperation regarding natural resources.