Ukraine and US close to finalizing minerals pact
The Prime Minister of Ukraine, Denys Shmyhal, will travel to Washington next week for discussions about finalizing negotiations on an agreement for the United States to utilize Ukrainian mineral deposits, according to a copy of the letter of intent released by the government in Kyiv.
During the visit, Shmyhal will 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, which was signed electronically by the Ukrainian and American parties on Thursday.
Will there finally be an agreement?
The signing of the Memorandum of Understanding, which paves the way for an Economic Partnership Agreement and the establishment of 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 aim to create an investment fund for reconstruction within the framework of the economic partnership between the two countries and governments. Technical discussions on this took place on April 11 and 12 in the U.S. capital.
The memorandum notes that the parties considered the significant financial and material support provided to Ukraine by the U.S. since the full-scale Russian invasion in February 2022. Furthermore, it emphasizes the American people's desire to invest in a free, sovereign, and secure Ukraine, the United States and Ukraine's pursuit of lasting peace, and the strong partnership between their nations and governments. It also acknowledges both parties' recognition of Ukraine's contribution to international peace and security through its voluntary renunciation of the world's third-largest nuclear weapons arsenal, reported 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, as stated in the document.
Reuters reported, citing an unnamed Ukrainian deputy finance minister, that talks on signing the minerals agreement with the U.S. will take place in Washington on April 24.
No agreement after the White House incident
Earlier, media recalled 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 grant 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.
Americans also suggest that the presence of U.S. companies in Ukraine will serve as an additional deterrent to Russia from further aggression after a potential ceasefire agreement is concluded.
Meanwhile, Kyiv insists that any future peace agreement also includes specific security guarantees for Ukraine.
