Ukraine Secures Preliminary Minerals Agreement with the US

Ukraine's government has made significant strides in establishing a memorandum of intent with the US surrounding minerals, which will lead to a broader economic partnership and investment fund for the country's reconstruction.

Ukraine's economy minister Yulia Svyrydenko has announced that Ukraine and the United States have signed a preliminary memorandum related to a minerals deal, signaling the start of an “economic partnership agreement.” According to Svyrydenko, this newly inked memorandum lays the groundwork for a substantial investment fund dedicated to the reconstruction of Ukraine in the aftermath of ongoing conflict.

During an online signing session with U.S. Treasury Secretary Scott Bessent, Svyrydenko expressed optimism about the deal, although she did not disclose specific terms. She shared her excitement on social media, stating, "We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine."

Bessent provided further insight into the memorandum, confirming that negotiations were still underway. He indicated that an extensive 80-page agreement was anticipated and emphasized that the current framework aligns closely with previous discussions held during President Volodymyr Zelensky's visit to Washington.

Former U.S. President Donald Trump also made mentions of the agreement during a press event alongside Italian Prime Minister Giorgia Meloni, implying that the official signing is imminent. The White House has yet to answer inquiries about the agreement’s specifics, although the deal aims to enhance U.S. access to Ukraine’s vital minerals and energy resources.

Furthermore, the crafting of an investment fund is set to be managed collaboratively between Kyiv and Washington to ensure equitable terms. Zelensky has previously seen this arrangement as a potential pathway to secure U.S. assurances concerning Ukraine's security as discussions of a ceasefire with Russia continue. However, negotiations faced a setback earlier in the year following an unexpected confrontation between Zelensky and Trump during a White House meeting.