Ukraine and US minerals deal. What parties say about prospects of signing it
Photo: Ukraine and the US discuss a minerals agreement (Getty Images)
Ukraine and the United States continue to work on a minerals agreement. This week, the Ukrainian delegation is to meet with American partners to discuss the details of the new draft document.
Read more about the parties' positions on the minerals agreement in RBC-Ukraine's article.
Contents
Minerals deal
Ukraine and the US have been discussing mineral sector cooperation since February.
Initially, it was planned to sign a framework agreement. It envisaged the creation of an investment fund to which Ukraine would direct the funds received from the sale of its mineral resources. However, due to a dispute between the leaders of the countries, Volodymyr Zelenskyy and Donald Trump, in the Oval Office, the agreement was not signed.
In late March, Washington proposed a new version of the document. The content was not officially made public, but President Zelenskyy said that the new agreement was full-fledged, not a framework, and would require ratification by the Verkhovna Rada.
Representatives of both countries began negotiating the terms of the agreement. On April 4, an online meeting of the technical teams took place, and this week the Ukrainian delegation will travel to the United States to finalize the details of the memorandum.
After Ukraine received a new draft of the fossil fuel agreement from the United States, the details of the document appeared in the media and became the subject of active discussions.
In particular, the provisions on Washington's access to a wide range of Ukrainian natural resources (not only rare earth minerals, but also gas and oil) caused a stir. It also provides for the US to have predominant control over the Investment and Reconstruction Fund. In addition, the text, which was obtained by journalists, states that Ukraine undertakes to compensate the American side for the cost of all assistance provided after the start of Russia's full-scale invasion of Ukraine.
For more details on what the United States offered Ukraine in the new draft agreement on fossil fuels, see an RBC-Ukraine article.
What Ukraine says
Reacting to the new version of the agreement from the United States, Ukrainian President Volodymyr Zelenskyy said that the document contains some details that both sides had previously rejected, and that lawyers should first study it.
"If there are any risky things for us, I will communicate all this without secrets. I believe that the main basic things were outlined in the framework agreement, which we were ready to do," Zelenskyy said.
The head of state also emphasized that the Ukrainian side would not sign the agreement if it provided for any debt of Ukraine to the United States. According to him, the agreement will not be signed if it threatens Ukraine's membership in the European Union.
At the end of last week, Zelenskyy said that Ukraine would send a technical team to the United States to negotiate with its American partners. But first, the team is to present him with the points of the agreement that have been worked out and that reflect fairness for Ukraine.
Yesterday, Deputy Prime Minister and head of the Ministry of Economy of Ukraine Yulia Svyrydenko confirmed that a Ukrainian delegation will travel to Washington this week to negotiate the minerals agreement. The delegation will include representatives of the Ministries of Economy, Foreign Affairs, Justice, and Finance of Ukraine.
Svyrydenko noted that Ukraine seeks to agree on the selection of projects, the legal framework, and mechanisms for long-term investment. At the same time, she said, the current version of the agreement is not the final version.
"What we have now is a document that reflects the position of the U.S. Treasury legal team. This is not a final version, it’s not a joint position," Svyrydenko said.
In an interview with the Associated Press, the head of the Ministry of Economy clarified that there is now a more detailed document describing the creation of an investment fund to restore Ukraine from the consequences of Russian aggression.
The latest version of the draft outlines the ideas of American advisers on the structure and functioning of the fund. However, there is still uncertainty about Ukraine's role in its management.
Analysts who have read the document believe that Kyiv's participation in the management of the fund will be minimal. This is what Ukraine hopes to challenge in future negotiations, relying on the previously agreed framework agreement, writes AR.
The official also expressed the opinion that the work on the preliminary memorandum showed that both teams are able to achieve these goals and agree on terms acceptable to both sides.
“We’re very focused on ensuring that the final draft of the agreement, after negotiations, fully aligns with our strategic interests,” she said.
According to Svyrydenko, Ukraine should define its red lines and basic principles for future negotiations.
"This marks a new stage in relations with the United States — one that requires expertise across multiple areas. Ultimately, everything will be decided through the course of negotiations," the Deputy Prime Minister emphasized.
US position
The US says it is ready for the deal, but at the same time, in recent weeks, it has repeatedly accused Ukraine of trying to disrupt it.
On March 31, White House Chief of Staff Donald Trump said that Ukrainian President Volodymyr Zelenskyy wanted to abandon the minerals deal.
"I think Zelenskyy, by the way, he’s trying to back out of the rare earth deal, and if he does that, he’s got some problems—big, big problems," Trump said.
The US president also noted that he had "heard from journalists" about the Ukrainian president's intention to sign a subsoil agreement with the US for the sake of NATO membership or something like that.
Zelenskyy soon responded to Trump's statement, emphasizing that the NATO issue was not and had not been in the subsoil agreement.
US Treasury Secretary Scott Bessent was the next to accuse Ukraine of not signing the agreement. He said this during an interview with journalist Tucker Carlson on April 5.
According to the official, Ukrainian President Volodymyr Zelenskyy allegedly promised to sign the agreement three times but failed to do so.
Bessent recalled a dispute in the White House, when everything was supposedly ready for the US to sign the agreement, but “he got to the Oval Office and blew up what should have been the easiest thing to do in the world.”
However, Scott Bessent emphasized that the minerals agreement is beneficial to both countries and expressed hope that it will be signed soon.
"We're expecting a Ukrainian technical team (at the) beginning of next week, and I'm hopeful we can get this thing signed and go back to a win-win situation," he said.
Sources: Associated Press, Reuters, Fox News, statements of the President of Ukraine Volodymyr Zelenskyy, Yulia Svyrydenko's post on X.
