Ukraine to Negotiate New Minerals Agreement with the U.S.

Next week, a Ukrainian delegation will travel to Washington D.C. to commence discussions on a revised agreement that would grant the United States access to Ukraine’s valuable mineral resources, according to Ukraine’s Economy Minister Yuliia Svyrydenko. In a statement to The Associated Press, Svyrydenko highlighted, “The new draft agreement from the U.S. shows that the intention to create a fund or jointly invest remains.” This delegation will consist of officials from Ukraine’s Ministries of Economy, Foreign Affairs, Justice, and Finance.

Background of the U.S.-Ukraine Mineral Negotiations

The ongoing negotiations have occasionally strained the relationship between Kyiv and Washington. A planned framework agreement was set to be signed in February but was postponed after a contentious meeting in the Oval Office involving U.S. President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy. Following the leak of the new draft by some Ukrainian lawmakers, it faced criticism for potentially undermining Kyiv’s control over its natural resources and infrastructure. The draft includes not only rare-earth minerals but also gas and oil, with Ukraine possessing significant deposits of over 20 minerals critical to U.S. strategic interests.

Details of the New Draft Agreement

Despite the initial setback, Ukrainian officials remain eager to finalize the framework deal, viewing it as crucial for securing President Trump’s support and bolstering U.S. aid in Ukraine’s defense against Russia’s aggressive actions. The new draft sent by the U.S. extends beyond the original framework and would likely require ratification by Ukraine’s parliament. Svyrydenko emphasized the need for in-person negotiations, stating, “What we have now is a document that reflects the position of the U.S. Treasury legal team. This is not a final version, it’s not a joint position.” She further noted the importance of assembling a technical team to define Ukraine’s negotiating positions clearly.

Ukraine’s Strategic Approach to Negotiations

While details on Ukraine’s official stance on the new draft remain undisclosed, Svyrydenko mentioned that the document now includes a more detailed proposal for the creation and operation of the envisioned fund. Analysts suggest that under the new U.S. proposal, Ukraine’s role in managing the fund might be limited, a point Ukraine intends to address using the previously agreed framework as a reference point. The initial framework envisioned a jointly owned investment fund to aid in the reconstruction of Ukraine’s economy, with Ukraine contributing 50% of future revenues from national assets to this fund.

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Svyrydenko expressed a strong commitment to ensuring that the final agreement aligns with Ukraine’s strategic interests, concluding, “We’re very focused on ensuring that the final draft of the agreement, after negotiations, fully aligns with our strategic interests. I believe the work on the previous memorandum showed that both teams are capable of reaching these goals and agreeing on terms acceptable to both sides.”

This upcoming negotiation marks a critical phase in U.S.-Ukraine relations, emphasizing the need for expertise and careful deliberation to achieve a mutually beneficial agreement.