Minerals deal: Key terms discussed by Ukraine and US and expected signing date

Takeaways

• What was the outcome of the meeting between Ukraine and the United States regarding the minerals deal?

• How does President Zelenskyy assess the work on the deal?

• Has the United States changed its terms?

• What stage are the negotiations between Ukraine and the US currently at?

• When might the parties sign the deal?

Details of the negotiation process between Ukraine and the US

On April 11–12, representatives of the US and Ukraine gathered in Washington to discuss a minerals deal at the technical team level.

The negotiation process resumed after a pause caused by a dispute between Presidents Donald Trump and Volodymyr Zelenskyy at the White House in late February.

Ahead of this new round of talks, it became known that the US side had developed a new version of the agreement with stricter terms for Ukraine. Western media reported on the "slim" chances of success and a "hostile" negotiation atmosphere.

However, following the meeting, US Treasury Secretary Scott Bessent stated that the parties were "very close" to signing the agreement and that this could happen in the coming days.

For his part, Ukrainian President Volodymyr Zelenskyy spoke of a "good result" from the negotiations and announced that the teams would continue their work this week.

What is being said in Ukraine about work on the deal

The subject of discussion in Washington was Kyiv's proposals regarding the minerals deal. The Ukrainian government has not disclosed details but is assessing the negotiation process positively.

Justice Minister Olha Stefanishyna noted that holding consultations with the US is a positive step, but "obviously, this is not yet the final stage of negotiations." According to her, work will continue until an agreement is reached.

First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko also described the outcome of the meeting with the US side as positive. She noted progress in the work of the Ukrainian and US teams.

“Our technical teams worked thoroughly together on the agreement – there has been significant progress, and the lawyers made the right emphasis in the draft,” Svyrydenko stated.

According to her, both sides agreed to document the achievements in a special memorandum of understanding, which is expected to be signed soon. Its provisions will form the basis of the final agreement.

Yuliia Svyrydenko emphasized that the agreement will go through ratification in the Verkhovna Rada and will create opportunities for increased investment, economic development, and cooperation between Ukraine and the US.

“The teams will continue working on specific points; much has already been worked out, and the level of the agreement should be quite high,” the minister added.

On Tuesday, April 15, Ukrainian President Volodymyr Zelenskyy stated that throughout the week, representatives of Ukraine and the US would continue working on the minerals deal in both online and offline formats.

“After all these consultations, when the teams are ready, they will present what they have developed. So far, both sides have concluded the meetings on a positive note. I believe that’s the right way,” Zelenskyy said.

Earlier, the head of state stressed that Ukraine would not sign the agreement if it includes terms that impose debt obligations to the US. The Ministry of Foreign Affairs of Ukraine also emphasized that the agreement must be mutually beneficial and align with the country’s path toward European integration.

What conditions is the US proposing

US Treasury Secretary Scott Bessent expressed hope that the agreement between Ukraine and the US on cooperation in the mineral resources sector could be signed as early as this week.

In a comment to Bloomberg, he stated that during the April 11–12 negotiations, the Ukrainian side made a "counterproposal" to the draft document. According to Bessent, talks are still ongoing, but the parties are "very, very close" to finalizing the agreement.

Although there have been no official comments from the White House or the US Department of the Treasury regarding the contents of the document, Western media, citing sources in the US government, have reported on the likely terms of the deal.

According to Bloomberg, the administration of President Donald Trump has likely softened its demands concerning the repayment of aid previously provided to Ukraine.

The media outlet reports that after the latest round of talks in Washington, the US side reduced its estimate of the aid amount it expects to be repaid from $300 billion to around $100 billion. This figure is close to Ukraine’s own estimate of slightly over $90 billion.

Bloomberg notes that the US insists these expenditures be counted as a contribution to a special investment fund. However, the exact size of the fund and the US's commitments to future investments remain open questions.

Reuters and The New York Times previously reported that the draft agreement provides for granting the US privileged access to Ukraine’s mineral deposits.

The outlets also mentioned an investment fund in which Ukraine would be required to place all revenues from the use of natural resources by both state and private companies. The profit from the fund would be received by the US until Kyiv repays all the aid provided.

Additionally, according to sources cited by Reuters, the US may demand that Ukraine transfer control over the gas pipeline through which Russian gas was transported to Europe.

At the same time, the proposed agreement does not include security guarantees for Ukraine from the US, which is one of the priorities of President Volodymyr Zelenskyy.

It should be recalled that Ukraine and the US were supposed to sign a framework agreement on mineral resources at the end of February. However, this did not happen due to a dispute between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump.

After that, the US suggested that Ukraine move directly from the framework agreement to a full-fledged one. According to President Zelenskyy, the new draft of the agreement contains elements that both parties had already rejected.

Meanwhile, White House leader Donald Trump claimed that Zelenskyy allegedly wanted to back out of the minerals deal

Sources: statements by President Volodymyr Zelenskyy at the press conference on April 15, a post by Yuliia Svyrydenko on Facebook, a statement by Olena Stefanishyna during a national telethon live broadcast, and materials by Bloomberg, Reuters, and The New York Times.