Ukraine intends to finalize negotiations on mineral agreements within a week

On Friday, Kyiv announced its goal to finish discussions by the end of next week regarding an agreement with Washington on collaboratively utilizing Ukrainian mineral resources, an arrangement that Ukrainian officials believe will help strengthen waning U.S. backing for them in their conflict with Russia.

While the specifics of the final agreement are not yet settled, Washington has indicated it anticipates gaining preferential access to Ukraine’s natural resources as repayment for the military assistance provided by the U.S. over the last three years.

On Thursday evening, the governments of the U.S. and Ukraine signed a memorandum of intent, indicating their desire to finalize the minerals agreement.

The memorandum signified progress in mending the relationship between Kyiv and Washington, which seemed precarious in February, when a meeting in the Oval Office between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy escalated into a heated argument.

The memorandum’s text, released by the Ukrainian government on Friday, states that both parties aim to finalize discussions on the agreement by April 26 and to sign it shortly thereafter.

The memorandum stated that Ukrainian Prime Minister Denys Shmyhal will head to Washington early next week to meet with U.S. Treasury Secretary Scott Bessent and collaborate on the agreement. She indicated that the document “demonstrates the effective joint efforts of our teams and the desire to finalize and reach a deal that will benefit both our nations.”

The memorandum’s text facilitates an economic partnership agreement and the establishment of an investment fund for Ukraine’s reconstruction.  In Washington, Trump told reporters: “We have a minerals deal, which I guess is going to be signed on Thursday.”

Trump has been critical of the billions of dollars of aid that his predecessor, Joe Biden, gave to Ukraine, saying it was a bad deal for the United States. He has also indicated he wants closer ties with Moscow, which launched a full-scale invasion of Ukraine in 2022.

“We’re still working on the details,” said Treasury Secretary Scott Bessent, seated beside Trump in the Oval Office, adding that the signing could come by next Friday.