Bloomberg reveals details of Ukraine-US minerals deal
Photo: Volodymyr Zelenskyy and Donald Trump on February 28 (Getty Images)
Ukraine is ready to sign an agreement with the United States on cooperation in the field of natural resources - a move that could deepen economic ties and bolster US support for Kyiv, Bloomberg reports.
Kyiv is ready for agreement with US on Ukraine's natural resources
According to the agency’s source, the text of the agreement has already been finalized and may be signed on April 30. Ukrainian Economy Minister Yuliia Svyrydenko is heading to Washington to participate in the signing.
A source in the Ukrainian government also told RBC-Ukraine that the agreement may be signed today.
Investments in mining and energy
According to the draft document, the parties intend to create a joint fund to manage investment projects in Ukraine. The US and Ukraine will agree to establish conditions for increasing investments in the mining sector, energy, and related technologies in Ukraine.
The document also states that Washington acknowledges Kyiv's desire to avoid a conflict between this agreement and Ukraine's plans to join the European Union. This condition was previously considered a red line for the Ukrainian side.
Military aid not be included in fund
The US agreed that only future military aid, provided to Ukraine after the agreement is signed, will be considered a contribution to the fund.
Ukrainian Prime Minister Denys Shmyhal previously stated that Washington had dropped its demand to include the tens of billions of dollars already provided since the beginning of Russia's full-scale invasion in the agreement.
Negotiation context and Trump's position
The expected signing of the agreement comes amid growing frustration from US President Donald Trump over delays in reaching a ceasefire agreement in the war, which has entered its fourth year. According to the White House, Trump is "confident" that the agreement on critical minerals with Ukraine will be signed.
According to the text of the agreement, it is aimed at strengthening the strategic partnership between the US and Ukraine with the goal of long-term recovery and modernization of the country in response to the destruction caused by Russia's full-scale invasion.
Unfinalized details and background of the negotiations
According to the source, two technical agreements governing the operation of the joint fund are still being finalized.
A memorandum of intent regarding the agreement was signed earlier in April, after which the parties continued work on technical details. Under the terms of the agreement, the US will receive priority rights to profits directed into the special recovery investment fund, which will be under Washington's control.
Earlier this year, the first attempt to sign the agreement fell through following a conflict between Ukrainian President Volodymyr Zelenskyy and Trump, along with Vice President JD Vance, in the Oval Office. However, last Saturday, Zelenskyy held a personal meeting with Trump in the Vatican before the funeral of Pope Francis.
Escalation on frontline
Meanwhile, Russia has intensified its attacks on the frontline and in Ukrainian cities. Moscow takes a maximalist line in peace negotiations overseen by Washington. Trump's Special Envoy Steve Witkoff tried to persuade Vladimir Putin to agree to a ceasefire along the current frontline, but Putin insists on full control over four regions of Ukraine that Moscow claims as its own but has not fully occupied.
White House Press Secretary Karoline Leavitt confirmed that Trump is increasingly dissatisfied with the complexity of the negotiations but remains "optimistic" about achieving a peace agreement.
In February, the Cabinet of Ministers of Ukraine authorized Minister of Economy Yuliia Svyrydenko or Foreign Minister Andrii Sybiha to sign the agreement with the US.
