KYIV, Ukraine — Ukraine is preparing to dispatch a team to Washington next week to begin discussions on a newly proposed agreement granting the U.S. access to Ukraine’s critical mineral resources, as revealed by Economy Minister Yuliia Svyrydenko.
“The latest draft agreement from the U.S. suggests that the commitment to form a joint investment fund is still present,” remarked Svyrydenko during a visit to northern Ukraine.
The Kyiv delegation is expected to include representatives from several key governmental departments, including the Ministries of Economy, Foreign Affairs, Justice, and Finance.
Protracted discussions over this mineral deal have strained relations between Ukraine and the U.S. Earlier plans for a framework agreement signing were thwarted after a contentious Oval Office meeting with U.S. President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy.
After Ukrainian lawmakers leaked details of the new draft, it faced heavy criticism for allegedly undermining Kyiv’s control over its valuable natural resources and infrastructure. The draft reportedly encompasses not just rare-earth minerals, but also gas and oil reserves.
Ukraine is known to possess extensive deposits of over 20 minerals deemed vital by the United States, including titanium for aircraft manufacturing, lithium pivotal to battery technologies, and uranium for nuclear energy.
Despite disruptions post-Oval Office meeting, Ukrainian officials continue to show interest in the agreement, viewing it as a crucial measure to secure President Donald Trump’s support and strengthen U.S. assistance amid Russia’s invasion.
After a period of silence regarding the deal’s status, the U.S. forwarded a more extensive draft to Kyiv, advancing beyond the original framework.
Why the U.S. opted to bypass signing the initial framework in favor of a more detailed draft requiring Ukraine’s parliamentary ratification remains uncertain.
Ukrainian officials remain cautious about publicly discussing the draft’s specifics, noting it predominantly reflects the U.S. Treasury’s legal perspective at this stage.
“This document reflects the U.S. Treasury’s legal team’s position, not a final or joint version,” Svyrydenko emphasized. “We must now assemble a technical team for negotiations, outline key principles and negotiation stances, and dispatch a delegation to Washington for further discussions shortly.”
She stressed that in-person meetings are necessary for a comprehensive dialogue. Legal, financial, and investment advisers are in the process of being selected to aid the negotiations.
“This is a new chapter in our relationship with the United States, demanding expertise in multiple domains,” Svyrydenko said. “Ultimately, the negotiations will shape the final terms.”
Svyrydenko withheld details about Ukraine’s assessment of the draft but indicated that a more elaborated proposal concerning the fund’s formation is now in circulation.
Whereas the earlier draft principally noted plans for fund creation, the new version delves into how American stakeholders envision structuring and operating the fund.
The extent of Ukraine’s role in managing the fund remains unclear from the new U.S. proposal. However, Ukraine plans to contest minimal involvement in upcoming negotiations, using the prior framework as a baseline.
A previous framework agreement, once obtained, outlined the establishment of a jointly managed fund between the U.S. and Ukraine for rebuilding Ukraine’s war-damaged economy.
This proposal anticipated Ukraine channeling half of the future revenue from key national resources, such as minerals, oil, and natural gas, into the fund, earmarked for reconstruction efforts rather than transferring control to the U.S.
“We are committed to ensuring the final negotiated agreement aligns with our strategic interests,” Svyrydenko remarked. “Previous cooperation has shown both parties can achieve terms beneficial to both sides.”