Ukraine and US near mineral agreement amid strategic talks
The Prime Minister of Ukraine, Denys Shmyhal, will travel to Washington next week for discussions about finalising negotiations on the agreement for the United States to utilise Ukrainian mineral deposits, according to a copy of the letter of intent published 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, signed online by the Ukrainian and American sides 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 creation of an Investment Fund for Ukraine's Reconstruction, was announced on Thursday by Ukraine's Deputy Prime Minister and Minister of Economy, Julia Svyrydenko.
Washington and Kyiv plan to establish an investment fund for reconstruction within the framework of economic partnership between the two nations and governments. Technical discussions on this took place on 11 and 12 April in the U.S. capital.
The memorandum notes that the parties acknowledged the substantial financial and material support provided to Ukraine by the U.S. since the full-scale Russian invasion in February 2022. Furthermore, it highlights the American people's desire to invest in a free, sovereign, and secure Ukraine, the United States' and Ukraine's pursuit of lasting peace in Ukraine, and the strong partnership between their nations and governments. It also recognises 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 – 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 24 April.
No agreement after the White House incident
Earlier, media recalled that Kyiv and Washington planned to sign the mineral agreement a few weeks ago, but it was postponed 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 recompense for the assistance provided to Ukraine during Joe Biden's presidency.
Americans also suggest that the presence of U.S. companies in Ukraine would be an additional deterrent to Russia from further aggression after any potential ceasefire agreement is reached.
Meanwhile, Kyiv insists that any future peace agreement must also include specific security guarantees for Ukraine.
