Ukraine seeks U.S. deal on developing mineral deposits
The Prime Minister of Ukraine, Denys Shmyhal, will travel to Washington next week to discuss finalizing an agreement that would allow the United States to develop Ukrainian mineral deposits, according to a letter of intent published by the government in Kyiv.
During the visit, Shmyhal is scheduled to meet with Treasury Secretary Scott Bessent to discuss the final terms of the agreement, as reported by Interfax-Ukraine on Friday.
"Negotiating teams are expected to report on the progress by April 26, 2025 ... signing as soon as possible," states the letter of intent, signed online by both the Ukrainian and American parties on Thursday.
Will there finally be an agreement?
The signing of the Memorandum of Understanding, which lays the groundwork for an Economic Partnership Agreement and establishes an Investment Fund for the Reconstruction of Ukraine, was announced on Thursday by Ukraine's Deputy Prime Minister and Minister of Economy, Julia Svyrydenko.
Washington and Kyiv plan to create an investment fund for reconstruction as part of the economic partnership between the two nations. Technical talks concerning this were held on April 11 and 12 in the U.S. capital.
The memorandum highlights the substantial financial and material support the U.S. has provided to Ukraine since Russia's full-scale invasion in February 2022. It also emphasizes the American people's desire to invest in a free, sovereign, and secure Ukraine, the pursuit of lasting peace in Ukraine by both countries, and the strong partnership between their governments.
Additionally, it acknowledges Ukraine's contribution to international peace and security through its voluntary renunciation of the world's third-largest nuclear weapons arsenal, as enumerated by Interfax-Ukraine.
The United States respects Ukraine's intention to avoid conflicts in developing an agreement with its commitments under accession to the European Union or agreements with international financial institutions and other official creditors, according to the document.
Reuters reported, citing an unnamed Ukrainian deputy finance minister, that talks on signing the mineral agreement with the U.S. are set to take place in Washington on April 24.
No agreement after the White House incident
Earlier reports indicated that Kyiv and Washington had planned to sign the mineral agreement a few weeks ago, but it was delayed due to a contentious meeting in February between Donald Trump and Volodymyr Zelensky at the White House.
Trump believes that the agreement, which is expected to give American companies access to Ukrainian rare earth metal deposits, should serve as a form of payment for the assistance provided to Ukraine during Joe Biden's presidency.
Additionally, Americans assert that the presence of U.S. companies in Ukraine would further deter Russia from engaging in future aggression, following the conclusion of a potential ceasefire agreement.
Meanwhile, Kyiv maintains that any future peace agreement must also include specific security guarantees for Ukraine.
