After weeks of intense and sometimes bitter negotiations, a long-awaited minerals agreement between Ukraine and the United States is expected to be signed as early as Wednesday, CNN reported citing a source familiar with the matter.
Ukrainian Prime Minister Denys Shmyhal confirmed on Ukrainian television that Economy Minister Yulia Svyrydenko was en route to Washington to finalize the deal. “We are finalizing the last details with our American colleagues. As soon as all the final details have been finalized, I hope that the agreement will be signed in the near future, within the next 24 hours,” Shmyhal said during the Telemarathon broadcast.
The deal, centered on Ukraine’s untapped natural resources, has been in the works since U.S. President Donald Trump returned to office in January. In exchange for access to Ukraine’s mineral wealth, Washington is expected to offer investment and the creation of a joint fund to support Ukraine’s development and recovery.
What caused delays in the deal?
Ukrainian President Volodymyr Zelensky was originally expected to sign the agreement during a February visit to Washington. However, the trip was cut short following a contentious Oval Office meeting, leaving the agreement unsigned.
One of the most difficult sticking points in the negotiations was the issue of security guarantees. Trump initially refused to include any such assurances in the deal, insisting Ukraine sign first and discuss guarantees later. At the time, Zelensky pushed back on the draft proposal, describing it as asking him to “sell” his country.
Despite those concerns, Ukrainian officials later suggested that U.S. investment and the increased presence of American companies in Ukraine would naturally increase U.S. interest in the country’s long-term security.
Following the failed February visit, Trump temporarily suspended U.S. aid to Ukraine—a decision that alarmed European allies and spurred them to strengthen their own support for Kyiv. Although U.S. assistance has since resumed, the episode underscored how sensitive and high-stakes the agreement had become.
What is included in the agreement?
Details of the final agreement have not been made public. However, Shmyhal has clarified that it will not include retroactive credit for U.S. assistance provided before the signing date. “It is truly an equal and beneficial international agreement on joint investments in the development and recovery of Ukraine between the US and Ukrainian governments,” he said on Wednesday.
Shmyhal also described the pact as “a strategic agreement on the establishment of an investment partnership fund.” The fund will be jointly created by both countries, with equal contributions and an equal distribution of management shares. “The American side may also count new, I emphasise new, military aid to Ukraine as a contribution to this fund,” Shmyhal added.
Why are these minerals important?
Ukraine holds deposits of 22 of the 50 materials classified as critical by the U.S. Geological Survey, including rare earth elements essential for electronics, clean energy technologies, and some weapons systems.
Western countries have long sought to reduce their reliance on China, which currently dominates the global production of rare earth minerals. For the U.S., securing a supply chain through Ukraine presents a strategic alternative.
Last year, under the Biden administration, a memorandum of understanding had already outlined plans to promote American investment in Ukraine’s mining sector, with Kyiv agreeing to implement economic incentives and adhere to environmental standards. Ukraine signed a similar agreement with the European Union in 2021.
The signing of the deal is expected to mark a significant moment in U.S.-Ukraine economic cooperation. It was first reported by Bloomberg and the Financial Times. C
