US, Ukraine ink memorandum on mineral resource agreement

2025-04-21 03:22:02

(MENAFN) The United States and Ukraine have signed a preliminary memorandum outlining a rare-earths agreement, according to Yulia Sviridenko, Ukraine's first deputy prime minister and minister of the economy. This agreement, which could potentially be finalized as early as next week, is seen by the US as a way to recover funds spent on supporting Ukraine in its ongoing conflict with Russia.

On Friday, Sviridenko announced the signing of the Memorandum of Intent, which sets the stage for an Economic Partnership Agreement and the establishment of an Investment Fund aimed at Ukraine’s reconstruction. However, she did not provide specific details on the terms of the deal or how the fund would be financed.

Sviridenko described the memorandum as the result of successful negotiations and expressed optimism about the agreement's potential, noting that much work remains to be done but progress is encouraging. She suggested that the deal would be beneficial for both countries.

President Trump indicated that the final deal might be signed as early as next Thursday, adding, “We have a minerals deal which I guess is going to be signed... next Thursday. And I assume they’re going to live up to the deal.”

The US and Ukraine have been negotiating an agreement that would allow the US access to Ukraine's rare-earth mineral deposits. The Trump administration views this as a way to recoup financial assistance provided to Ukraine, although Kiev maintains that the aid was given without conditions. According to Bloomberg, the US recently reduced its aid assessment to Ukraine from over $300 billion to around $100 billion but still sees the agreement as a way to recover financial losses.

Discussions about the deal began earlier this year, with a signing ceremony initially scheduled to take place during Ukrainian President Zelensky’s visit to the White House in late February. However, tensions arose between Trump and Zelensky, with Trump accusing Zelensky of being ungrateful for the US aid and hesitant to pursue peace with Russia.

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