Ukraine Signs Preliminary Minerals Deal with US to Boost Economic Ties

The agreement aims to pave the way for reconstruction investments and enhance access to Ukraine's critical resources through collaboration with the US.

In a significant development for Ukraine's economic landscape, the country's government announced the signing of a preliminary minerals deal with the United States. Economy Minister Yulia Svyrydenko reported that the memorandum of intent lays the groundwork for a more extensive economic partnership agreement. This arrangement not only sets the stage for future collaboration but also includes the establishment of an investment fund designated for the reconstruction efforts within Ukraine.

Welcoming the memorandum's signing, Svyrydenko shared her enthusiasm with the public via a post on social media platform X, though specifics about the agreement were not fully disclosed. In her announcement, she mentioned collaborating with US Treasury Secretary Scott Bessent, who emphasized that the finer details of the deal are still under construction. He remarked, "It's substantially what we'd agreed on previously. When President Volodymyr Zelensky was here, we had a memorandum of understanding."

The progression of this deal is crucial, especially following a setback earlier this year when negotiations faced turbulence due to a public dispute between Ukrainian President Volodymyr Zelensky and former President Donald Trump. During a recent press conference alongside Italian Prime Minister Giorgia Meloni, Trump hinted at the forthcoming signing of the minerals agreement, suggesting it could take place next Thursday.

Although the specifics regarding the timeline and contents of the agreement are yet to be clarified by the White House, sources hint that this deal will facilitate US access to vital minerals, alongside oil and gas from Ukraine. Analysts have noted that the proposed investment fund would be operated collaboratively by both Kyiv and Washington on equally beneficial terms.

Zelensky's administration is reportedly eager to integrate a US security guarantee into this deal, particularly in preparation for any potential ceasefire resolutions with Russia. While the path forward appears promising, observers remain cautious after the previous clash in negotiations that momentarily halted progress.