A formal agreement is expected by the end of April, the document says
The Ukrainian government has published a memorandum of intent to finalize a formal agreement which would grant the US access to the country’s natural resources.
The US and Ukraine have been trying to thrash out the so-called ‘minerals deal’ since February. The Trump administration views the agreement as a way to recoup money Washington has spent on supporting Kiev in its conflict with Moscow. Ukraine insists that the US assistance was provided unconditionally.
Yulia Sviridenko, Ukraine’s first deputy prime minister and minister of the economy, revealed that the memorandum was signed on Thursday.
The document, which was made public the following day, states that the “United States of America and Ukraine intend to establish a reconstruction investment fund,” emphasizing that Washington “has provided significant financial and material support” to Kiev since 2022.
Both the US and Ukrainian governments reaffirmed their commitment to working “expeditiously towards the completion of the necessary documents.”
According to the memorandum, Ukrainian Prime Minister Denis Shmigal will visit Washington next week, where he is expected to meet with US Treasury Secretary Scott Bessent and conclude the “technical discussion.”
The document says that negotiations are expected to be completed by April 26, with the agreement to be signed shortly thereafter.
Commenting on the signing of the memorandum, Sviridenko said on Friday that “there is a lot to do, but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries.”
Speaking during a press conference at the White House the previous day, Trump claimed that “we have a minerals deal which I guess it’s going to be signed on Thursday, next Thursday, soon.”
A previous version of the agreement was supposed to be signed in early March, but was abruptly withdrawn after Ukrainian leader Vladimir Zelensky engaged in a heated altercation with Trump and US Vice President J.D. Vance during a White House meeting.
Shortly thereafter, President Trump temporarily froze all military aid and intelligence sharing with Kiev, which prompted Zelensky to signal his willingness to resume negotiations on the minerals agreement.
According to Reuters, the latest version of the deal is significantly harsher than earlier iterations.
Last month, the US president warned the Ukrainian leader against “trying to back out of the rare earth deal.”
“If he does that, he’s got some problems – big, big problems,” Trump added.
