Kiev would give half of the proceeds from resource extraction to a joint fund, Prime Minister Denis Shmigal has said
Ukraine is preparing to sign a long-discussed minerals agreement with the US as early as Wednesday, Bloomberg has reported, citing sources. Talks over the deal – which includes a joint fund for developing the country’s resources – have been a source of tension between Kiev and Washington for months.
Ukrainian Prime Minister Denis Shmigal confirmed that the sides are expecting to sign the deal within 24 hours, adding that Kiev would hand over half of the proceeds from resource extraction to the joint US-Ukraine fund.
Ukraine and the US have been working since February to finalize the agreement granting Washington access to the country’s deposits of rare earths and other minerals. The administration of US President Donald Trump has described the deal as a pathway to recouping funds Washington has spent aiding Ukraine in its conflict with Russia. However, Ukrainian officials have insisted that all US support was provided unconditionally.
According to a person familiar with the matter interviewed by Bloomberg, the sides have completed a draft agreement. As a result, Ukrainian Economy Minister Yulia Sviridenko is said to be on her way to Washington for the signing.
The agreement outlines the creation of a joint fund for managing investment projects in Ukraine and aims to increase cooperation in mining, energy, and related technology. A draft of the deal also shows Washington has acknowledged Ukraine’s EU integration goals and agreed the deal should not conflict with them.
The US has also reportedly agreed that only future military aid to Kiev would count toward its contribution to the investment fund. Earlier, Washington insisted that past military aid should also be included in the agreement.
The development comes after Sviridenko signed a preliminary memorandum on the resource deal earlier this month. Despite this, Trump later criticized the Ukrainian leadership for slow progress, demanding the agreement be signed “immediately.”
The deal was widely expected to be signed in late February during Vladimir Zelensky’s visit to the White House. However, the Ukrainian leader entered into an open spat with Trump, who accused Zelensky of “gambling with World War III” and showing reluctance to accept a ceasefire with Russia.
