Ukraine nearing U.S. minerals deal despite late complication
Ukraine announced on Wednesday that it was on the verge of finalising a minerals agreement with the United States after months of complex negotiations. However, a source familiar with the matter revealed that an unexpected issue had surfaced at the last minute.
Prime Minister Denys Shmyhal confirmed that First Deputy Prime Minister Yulia Svyrydenko was travelling to the U.S. to formalise the deal, which Kyiv sees as key to improving its relationship with Donald Trump and the White House amid ongoing efforts to secure peace in the war with Russia.
Two sources told Reuters the signing might happen later on Wednesday. But one source noted that Washington was requesting Kyiv also approve two supplementary documents, which Ukrainian officials felt were not yet ready.
“Who knows — maybe they’ll manage to finalise those two documents today as well,” the source said.
A draft of the main agreement, reviewed by Reuters, shows that Ukraine successfully removed any obligation to repay past U.S. military aid — a sticking point Kyiv had resisted. Ukrainian leaders hope this Trump-backed deal will help solidify waning American support for Ukraine in the conflict that began over three years ago.
The draft deal would give the U.S. priority access to future Ukrainian resource contracts, but it does not grant any automatic share in the country’s mineral wealth or gas infrastructure.
Prime Minister Shmyhal described the pact as a balanced and strategic international agreement focused on shared investment in Ukraine’s recovery and development.
According to the draft, a joint U.S.-Ukrainian reconstruction fund will be created, which will receive 50% of the profits and royalties from new natural resource licences in Ukraine. However, the draft does not detail how the fund's revenue will be allocated, who will benefit, or who will control its use.
Shmyhal explained that the two sides would negotiate further technical and supplementary agreements after the main deal is signed, covering fund management and operational matters. He also stressed that Ukraine would retain full control over its natural resources and that only royalties from new licences would be shared.
Ukraine’s share — 50% of the new royalties — will be directed into the joint fund, while the U.S. may contribute future military assistance as its input. Past aid will not be counted toward the deal, he confirmed.
A memorandum signed on April 18 marked the initial step in these negotiations, with the goal of concluding talks by April 26 and signing the agreement soon after.
Earlier this month, Trump and his administration indicated they might withdraw from efforts to facilitate a peace deal if clear progress was not evident soon.
Since Russia’s full-scale invasion in February 2022, Ukraine has heavily relied on American military support, including air defence systems and long-range missiles. President Volodymyr Zelensky stated in February that roughly 30% of Ukraine’s defence capability was provided through U.S. aid.
During a recent visit to Washington, Shmyhal met U.S. Treasury Secretary Scott Bessent and reported encouraging progress. He also said Ukraine had made sure the agreement aligned with both national law and its commitments to the European Union.
Ukraine announced on Wednesday that it was on the verge of finalising a minerals agreement with the United States after months of complex negotiations. However, a source familiar with the matter revealed that an unexpected issue had surfaced at the last minute.
Prime Minister Denys Shmyhal confirmed that First Deputy Prime Minister Yulia Svyrydenko was travelling to the U.S. to formalise the deal, which Kyiv sees as key to improving its relationship with Donald Trump and the White House amid ongoing efforts to secure peace in the war with Russia.
Two sources told Reuters the signing might happen later on Wednesday. But one source noted that Washington was requesting Kyiv also approve two supplementary documents, which Ukrainian officials felt were not yet ready.
“Who knows — maybe they’ll manage to finalise those two documents today as well,” the source said.
A draft of the main agreement, reviewed by Reuters, shows that Ukraine successfully removed any obligation to repay past U.S. military aid — a sticking point Kyiv had resisted. Ukrainian leaders hope this Trump-backed deal will help solidify waning American support for Ukraine in the conflict that began over three years ago.
The draft deal would give the U.S. priority access to future Ukrainian resource contracts, but it does not grant any automatic share in the country’s mineral wealth or gas infrastructure.
Prime Minister Shmyhal described the pact as a balanced and strategic international agreement focused on shared investment in Ukraine’s recovery and development.
According to the draft, a joint U.S.-Ukrainian reconstruction fund will be created, which will receive 50% of the profits and royalties from new natural resource licences in Ukraine. However, the draft does not detail how the fund's revenue will be allocated, who will benefit, or who will control its use.
Shmyhal explained that the two sides would negotiate further technical and supplementary agreements after the main deal is signed, covering fund management and operational matters. He also stressed that Ukraine would retain full control over its natural resources and that only royalties from new licences would be shared.
Ukraine’s share — 50% of the new royalties — will be directed into the joint fund, while the U.S. may contribute future military assistance as its input. Past aid will not be counted toward the deal, he confirmed.
A memorandum signed on April 18 marked the initial step in these negotiations, with the goal of concluding talks by April 26 and signing the agreement soon after.
Earlier this month, Trump and his administration indicated they might withdraw from efforts to facilitate a peace deal if clear progress was not evident soon.
Since Russia’s full-scale invasion in February 2022, Ukraine has heavily relied on American military support, including air defence systems and long-range missiles. President Volodymyr Zelensky stated in February that roughly 30% of Ukraine’s defence capability was provided through U.S. aid.
During a recent visit to Washington, Shmyhal met U.S. Treasury Secretary Scott Bessent and reported encouraging progress. He also said Ukraine had made sure the agreement aligned with both national law and its commitments to the European Union.
Ukraine announced on Wednesday that it was on the verge of finalising a minerals agreement with the United States after months of complex negotiations. However, a source familiar with the matter revealed that an unexpected issue had surfaced at the last minute.
Prime Minister Denys Shmyhal confirmed that First Deputy Prime Minister Yulia Svyrydenko was travelling to the U.S. to formalise the deal, which Kyiv sees as key to improving its relationship with Donald Trump and the White House amid ongoing efforts to secure peace in the war with Russia.
Two sources told Reuters the signing might happen later on Wednesday. But one source noted that Washington was requesting Kyiv also approve two supplementary documents, which Ukrainian officials felt were not yet ready.
“Who knows — maybe they’ll manage to finalise those two documents today as well,” the source said.
A draft of the main agreement, reviewed by Reuters, shows that Ukraine successfully removed any obligation to repay past U.S. military aid — a sticking point Kyiv had resisted. Ukrainian leaders hope this Trump-backed deal will help solidify waning American support for Ukraine in the conflict that began over three years ago.
The draft deal would give the U.S. priority access to future Ukrainian resource contracts, but it does not grant any automatic share in the country’s mineral wealth or gas infrastructure.
Prime Minister Shmyhal described the pact as a balanced and strategic international agreement focused on shared investment in Ukraine’s recovery and development.
According to the draft, a joint U.S.-Ukrainian reconstruction fund will be created, which will receive 50% of the profits and royalties from new natural resource licences in Ukraine. However, the draft does not detail how the fund's revenue will be allocated, who will benefit, or who will control its use.
Shmyhal explained that the two sides would negotiate further technical and supplementary agreements after the main deal is signed, covering fund management and operational matters. He also stressed that Ukraine would retain full control over its natural resources and that only royalties from new licences would be shared.
Ukraine’s share — 50% of the new royalties — will be directed into the joint fund, while the U.S. may contribute future military assistance as its input. Past aid will not be counted toward the deal, he confirmed.
A memorandum signed on April 18 marked the initial step in these negotiations, with the goal of concluding talks by April 26 and signing the agreement soon after.
Earlier this month, Trump and his administration indicated they might withdraw from efforts to facilitate a peace deal if clear progress was not evident soon.
Since Russia’s full-scale invasion in February 2022, Ukraine has heavily relied on American military support, including air defence systems and long-range missiles. President Volodymyr Zelensky stated in February that roughly 30% of Ukraine’s defence capability was provided through U.S. aid.
During a recent visit to Washington, Shmyhal met U.S. Treasury Secretary Scott Bessent and reported encouraging progress. He also said Ukraine had made sure the agreement aligned with both national law and its commitments to the European Union.
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Ukraine nearing U.S. minerals deal despite late complication
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