Negotiations with US regarding minerals move into new phase - Svyrydenko

"The new draft agreement from the US shows that the intention to create a fund or jointly invest remains," she said, adding that the official Kyiv will send a team to Washington this week to begin negotiations on the new draft agreement.

It is noted that the Ukrainian delegation will include representatives from the ministries of economy, foreign affairs, justice, and finance.

Collapse of the framework agreement on minerals and the new project

As AP reports, prolonged negotiations over the minerals agreement have already strained relations between Kyiv and Washington.

The sides were preparing to sign a framework agreement in February, but the plan was derailed following a controversial meeting in the Oval Office between Ukrainian President Volodymyr Zelenskyy, his American counterpart Donald Trump, and US Vice President JD Vance.

Afterward, Ukrainian officials expressed interest in signing the framework agreement at any time. Shortly thereafter, the US sent a new draft to Kyiv that goes beyond the initial framework.

Recently, information about the new draft proposed by the US surfaced in the media. Some criticism has arisen, suggesting that it appears to be more of an attempt to strip Ukraine of control over its natural resources and infrastructure. According to the leaked document, the new draft includes not only rare earth minerals but also gas and oil.

"It’s unclear why the US chose to bypass the signing of the framework deal and instead moved forward with a more comprehensive draft agreement, which would likely require ratification by Ukraine’s parliament," the AP publication reads.

Svyrydenko named Ukraine's tasks

Currently, Ukrainian officials are cautiously commenting on the content of the draft, noting that it reflects the position of only one side at this stage.

"What we have now is a document that reflects the position of the US Treasury legal team. This is not a final version, it’s not a joint position," Svyrydenko said.

According to her, Ukraine's task now is to assemble a technical team for the negotiations, define its red lines and key principles, and send a delegation to Washington for technical talks next week.

"It’s clear that the full parameters of this agreement can’t be discussed online. We need to sit down with the teams and continue the conversation in person," Svyrydenko emphasized.

She also added that legal, investment, and financial advisors are being selected.

"This marks a new stage in relations with the US — one that requires expertise across multiple areas. Ultimately, everything will be decided through the course of negotiations," the official concluded.

Difference between the projects regarding rare earths

Svyrydenko declined to comment publicly on Kyiv’s official assessment of the new draft but noted that a more detailed document on the creation of a fund is now available.

It is also pointed out that while the initial draft focused primarily on the intention to create a fund, according to Svyrydenko, the latest version outlines how American advisors envision its structure and functioning.

At this point, it remains unclear what role Ukraine will play in managing the fund under the newly proposed US draft. Analysts familiar with the leaked document suggest that Ukraine's involvement is likely to be minimal. The Ukrainian government intends to challenge this issue during upcoming negotiations, using the previously agreed-upon framework as a benchmark.

The earlier version of the framework agreement, obtained by the Associated Press, outlined plans for joint ownership and management of an investment fund between the US and Ukraine. The fund was intended to support the recovery of Ukraine's economy, devastated by Russia's military aggression.

According to the terms, Ukraine would direct 50% of future revenues from key national assets, including minerals, hydrocarbons, oil, natural gas, and other resources, into the fund.

The framework agreement, which was never signed, indicated that revenues from Ukraine’s natural resources would go into the fund to aid the country’s reconstruction, rather than transferring ownership or control of these resources to the US.

Ukraine defends its strategic interests

"We’re very focused on ensuring that the final draft of the agreement, after negotiations, fully aligns with our strategic interests," Svyrydenko noted.

She also expressed the view that the work on the previous memorandum demonstrated that both teams are capable of achieving these goals and agreeing on terms that are acceptable to both sides.

It should be recalled that on March 25, President Volodymyr Zelenskyy announced that Washington had proposed a new agreement on natural resources to Ukraine. The head of state stated that the new document is a full-fledged agreement that will require ratification by the Ukrainian parliament.

On April 4, Foreign Minister Andrii Sybiha stated that Ukraine is currently undergoing internal state procedures regarding the minerals agreement. The Ukrainian delegation may soon visit the US, the official added.