The United States and Ukraine are nearing the resolution of a mineral agreement after prolonged discussions, despite one final obstacle that needs addressing. According to Ukraine’s Prime Minister, First Deputy Prime Minister Yulia Svyrydenko is scheduled to travel to Washington to finalize the deal. This agreement plays a crucial role in strengthening Ukraine’s relations with the Trump administration amid ongoing U.S. efforts to facilitate peace in the ongoing conflict with Russia. Recent negotiations culminated in the U.S. agreeing that future military aid would suffice as its contribution to the deal, a significant concession for Ukraine, as reported by the Financial Times.
President Trump previously sought access to Ukraine’s rare earth minerals as a condition for U.S. support, framing it as compensation for the substantial aid received by Kyiv. However, earlier talks experienced a setback following a notable disagreement between Trump and Ukrainian President Volodymr Zelenskyy. Notably, the two leaders reconvened in Rome recently during a significant event, which may have served to push negotiations forward.
The latest draft of the agreement presents a collaborative initiative, wherein a joint reconstruction fund will be established, funded by 50% of the profits from Ukraine’s new mineral licenses. This arrangement would provide the U.S. preferential access to new U.S.-Ukraine natural resource deals, minimizing direct American claims on Ukraine’s mineral wealth or gas infrastructure. Moreover, Ukraine will hold no obligation to repay previously allocated U.S. aid, ensuring that only future aid will be counted towards America’s contributions to the shared fund.
Prime Minister Shmyhal emphasized the strategic nature of this partnership, asserting that the agreement would signify an equal and beneficial investment relationship between the two nations aimed at the reconstruction and growth of Ukraine. However, Svyrydenko’s impending flight to Washington encountered a hiccup as U.S. officials required Ukraine to sign multiple documents simultaneously—namely, the framework, a fund agreement, and a technical agreement—something Ukraine officials felt necessitated parliamentary approval, complicating matters.
Reports indicate that Treasury Secretary Scott Bessent’s team insisted that Svyrydenko prepare to either sign all agreements or return to Ukraine, highlighting the urgency and high stakes involved in the negotiations. The U.S. is particularly interested in accessing over 20 critical raw materials, including Ukraine’s deposits of titanium and uranium, which have significant applications in aerospace manufacturing and nuclear energy, respectively. Additionally, Ukraine is rich in lithium and graphite, which are essential for electric vehicle batteries, indicating a broad scope of interests.
Crucially, unlike a previous agreement draft, the current deal avoids any conflicts with Ukraine’s aspirations for EU membership—a vital consideration for the Ukrainian government. As an initial step toward solidifying resource development efforts, both nations signed a memorandum, establishing a commitment to conclude discussions by April 26 and finalize the agreement as expediently as possible. This mineral deal underscores a pivotal moment in U.S.-Ukraine relations, offering both countries a chance to boost their geopolitical and economic positions amidst ongoing global tensions.
