Ukraine and U.S. on brink of groundbreaking mineral deal
Ukrainian Prime Minister Denys Shmyhal stated on Wednesday that a Ukrainian-American agreement on mineral resources could be signed within the next 24 hours.
Prime Minister Denys Shmyhal announced on Ukrainian television that First Deputy Prime Minister Yulia Svyrydenko is en route to Washington to complete the final arrangements with U.S. officials. He expressed confidence that once these outstanding matters are resolved, the agreement could be signed within the next 24 hours, paving the way for initial implementation.
Earlier, Bloomberg reported that the mineral agreement between the U.S. and Ukraine could be signed as early as Wednesday.
Reuters also reported on the potential Wednesday signing of the agreement, citing a source in the Ukrainian government. "I think maybe late evening Kyiv time, the deal there can be signed," the source said.
According to Bloomberg's source, the draft agreement provides for the creation of a joint Ukrainian-American fund to manage investment projects in Ukraine. As part of the agreement, both parties aim to create conditions to "increase investment in mining, energy, and related technologies in Ukraine."
In addition, Washington has agreed that only the military aid it provides to Kyiv after the agreement is signed will be counted as the U.S. contribution within the fund. Bloomberg recalled Ukrainian Prime Minister Denys Shmyhal's statement on Sunday that the U.S. had waived previous demands to include tens of billions of dollars in aid provided to Ukraine since the beginning of Russia's invasion in the agreement.
The agreement "Strengthens the strategic partnership between the Parties for the long-term reconstruction and modernization of Ukraine, in response to the large-scale destruction caused by Russia’s full-scale invasion," according to the document obtained by Bloomberg.
A Bloomberg source indicated that two other technical agreements that will define how the joint fund operates have not yet been finalized.
In early April, U.S. and Ukrainian representatives signed a letter of intent and worked on determining the technical details of the agreement regarding Ukrainian mineral resources.
Previous attempts to reach an agreement failed due to a public argument on February 28 at the White House between Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump and Vice President J.D. Vance. The next meeting between the leaders of Ukraine and the U.S., this time a one-on-one, took place on Saturday in the Vatican before the funeral of Pope Francis.
