Ukraine set to sign minerals agreement with US today
Ukraine is poised to sign an investment agreement on minerals with the United States today, with Economy Minister Yulia Svyrydenko heading to Washington for the signing, Bloomberg reported, citing a source familiar with the matter.
According to Bloomberg, which reviewed a draft of the document, the agreement aims to “increase investment in mining, energy, and related technology in Ukraine.”
The U.S. acknowledges Ukraine’s intent to ensure the deal aligns with its European Union accession goals, and only future U.S. military aid will count toward contributions to a joint investment fund, the report said.
RBC-Ukraine, citing its sources, also confirmed the deal could be signed today.
Prime Minister Denys Shmyhal previously stated that prior U.S. aid would not be factored into the minerals agreement.
Initially, the Trump administration pushed for future Ukrainian investment profits, including from minerals and infrastructure, to offset military aid provided since Russia’s full-scale invasion began.
Background
Following a public dispute with Ukrainian President Volodymyr Zelenskyy in the Oval Office, President Donald Trump sought a “bigger and better” minerals deal, with media reports indicating the U.S. proposed including control over Ukraine’s nuclear power plants, which Zelenskyy resisted.
Trump repeatedly claimed the U.S. provided over $300 billion in aid to Ukraine, though analysts found no evidence for this, with other estimates citing far lower amounts. Later reports suggested the claimed “debt” was reduced to $100 billion.
Zelenskyy vowed not to accept any deal imposing debts for past U.S. aid and promised to consult the public if the agreement contained “risky elements” or jeopardized EU membership.
Deputy Economy Minister Taras Kachka explained that the primary goal is to establish a U.S.-Ukraine investment fund with “privileged rights” to invest in a wide range of assets, primarily mineral extraction, but also infrastructure like roads, ports, and energy.
Ukraine and the U.S. previously signed a memorandum of intent to finalize the minerals agreement, signaling their commitment to concluding a mutually beneficial deal.