France announces negotiations with Ukraine on extraction of Ukrainian minerals for its 'defense industry'

France has been working on the issue of Ukrainian minerals since last year, when Zelenskyy came to France to present his Victory Plan, one of the points of which is investing in the development of subsoil resources.

It was then reportedly that the Ukrainian president made “a series of proposals not only to the United States, but also to France.” Lecornu explains that France would be able to use Ukrainian minerals for its defense industry.

“Our defense industry will need a number of key raw materials for its weapons systems, not just next year, but for the next 30-40 years,” he said, adding that French President Emmanuel Macron has asked him to “diversify” imports of the right type of ore.

Earlier, media outlets, citing European Commissioner for Industrial Strategy Stéphane Séjourné, wrote that the European Union had submitted an alternative agreement on access to Ukraine's minerals to Ukrainian officials amid Kyiv's desire to conclude a similar agreement with the United States. However, the European Commission later denied this.

Previously, European Council President Antonio Costa also assured that EU member states would not demand any minerals from Ukraine in exchange for providing it with assistance.

Minerals agreement with the USA

Ukraine and the United States have agreed to sign an agreement on joint mining of Ukrainian minerals. The first version of the agreement, which provided for the U.S. ownership of 50% of mineral reserves in Ukraine, was not accepted by Kyiv.

Ukrainian President Volodymyr Zelenskyy explained that the document did not meet Ukrainian interests. This provoked criticism in Washington and led to direct accusations from US President Donald Trump against Zelenskyy.

Subsequently, the Ukrainian and American sides finalized the document, and the publication European Pravda published its text.

According to it, Ukraine and the United States must create a joint Reconstruction Investment Fund. It will be managed by both parties. The agreement provides that neither party to the agreement will sell, transfer or otherwise dispose of, directly or indirectly, any part of its share in the fund without the prior written consent of the other party.

It is assumed that Ukraine will contribute to the fund 50% of all revenues received from the future monetization of its own natural assets, which are in the state ownership of Kyiv.

At the same time, the U.S. Government supports Ukraine's efforts to obtain the security guarantees necessary to create a lasting peace. As stated in the agreement, the participants will seek to identify any necessary steps to protect mutual investments, as defined in the fund agreement.

According to U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskyy and a delegation may arrive in Washington as early as February 28 to sign a minerals agreement.