Ukraine’s economy minister announced a new agreement with the United States during a recent video conference with U.S. officials, marking a critical step in securing a future minerals deal.
U.S. and Ukraine Progress in Mineral Resource Partnership
U.S. and Ukraine Progress in Mineral Resource Partnership
A new memorandum signals advancements towards a full minerals deal amidst ongoing negotiations.
In a significant development for U.S.-Ukraine relations, a memorandum of understanding was signed late on Thursday, as reported by Ukraine's economy minister, Yulia Svyrydenko. This agreement is seen as a preliminary step toward establishing a more comprehensive economic partnership, particularly focused on mineral resources. The deal signals an important evolution in negotiations that have faced challenges and differing perspectives from both sides.
While the memorandum lacked specific details, it hints at the creation of a fund aimed at investing in Ukraine's reconstruction, which is crucial given the widespread devastation caused by the ongoing conflict with Russia since its full-scale invasion in 2022. Svyrydenko highlighted the potential mutual benefits, sharing the news on Facebook after her virtual signing ceremony with U.S. Treasury Secretary, Scott Bessent.
Bessent, while declining to confirm the memorandum's specifics, expressed optimism about a forthcoming full minerals deal, expected to be finalized next week. In previous negotiations, drafts have oscillated between concerns of exploitation and proposals that included pertinent support for Ukraine’s post-conflict security.
As the U.S. anticipates a substantial return on investment from Ukraine's rich natural resources, estimated at $500 billion – particularly in rare earth metals – the agreement reflects continued attempts to foster a strategic economic partnership between the two nations in a post-war context.
