Ukraine and the United States have made significant strides in their discussions regarding a minerals agreement and are set to sign a memorandum soon, according to First Deputy Prime Minister Yulia Svyrydenko on Wednesday.
U.S. President Donald Trump is pushing for bilateral minerals deal as part of his broader efforts to end Ukraine’s war with Russia. He also views it as a means to recoup billions of dollars spent on military aid to Ukraine. However, President Volodymyr Zelenskiy has emphasized that Ukraine will not recognize past U.S. military assistance as loans.
“Our teams have worked extensively together on this agreement, and there has been notable progress. Our legal teams have made several adjustments to the draft,” Svyrydenko said in a post on social media platform X.
She added that work on the deal would continue, with both sides agreeing to sign a memorandum soon as a first step to document the progress made.
Deputy Ukrainian Economy Minister Taras Kachka told national television that the discussions were moving forward, and a preliminary memorandum could be signed shortly.
“However, a final document won’t be signed this week. There’s still a lot of work ahead because the ideas proposed by the U.S. side need further development,” Kachka explained.
According to Bloomberg News, the United States has revised its estimate of the aid provided to Ukraine since Russia’s invasion in 2022, lowering it from $300 billion to approximately $100 billion, citing sources familiar with the matter.
Last month, the Trump administration proposed broader minerals deal that would not provide Ukraine future security guarantees but would require the country to place all proceeds from natural resource exploitation into a joint investment fund. This includes resources extracted by both state and private enterprises throughout Ukraine.
The future agreement would need ratification by Ukraine’s parliament and is expected to boost economic growth in both nations, Svyrydenko noted, though she did not provide further details.
“It will foster investment and development in Ukraine while creating conditions for substantial economic growth for both Ukraine and the United States,” she added.
REF: REUTERS
