Ukraine says outline of minerals deal signed with US

Ukraine’s government has announced the signing of the outline of a minerals deal between the war-torn country and the US.

Economy Minister Yulia Svyrydenko said the memorandum of intent paved the way for what she called an economic partnership agreement.

She said a final deal would also involve an investment fund for the reconstruction of Ukraine. US officials expressed hope that an accord could be completed by the end of next week.

Donald Trump’s public shouting match with Ukrainian President Volodymyr Zelensky at the White House in February had temporarily blown the negotiations off course.

Svyrydenko announced the signing of the memorandum on X but not did not provide further details.

Her post included photos of she and US Treasury Secretary Scott Bessent signing separately.

“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,” Svyrydenko wrote.

The signing was conducted over an online call with Bessent who said the details of the deal were still being worked out.

“It’s substantially what we’d agreed on previously. When the president [Volodymyr Zelensky] was here, we had a memorandum of understanding. We went straight to the big deal, and I think it’s an 80-page agreement and that’s what we’ll be signing,” he said.

Donald Trump also hinted at the deal during a press conference with Italian leader Giorgia Meloni.

“We have a minerals deal which I guess is going to be signed on Thursday… next Thursday. Soon. And I assume they’re going to live up to the deal. So we’ll see. But we have a deal on that,” he said.

The White House did not respond to a request for further details on the timing and contents of the agreement, Reuters news agency reports.

The move is a step towards a deal that would allow the US access to Ukraine’s critical minerals, as well as oil and gas.

Previous reports indicated that an “investment fund” would be set up for Ukraine’s reconstruction and would be managed by Kyiv and Washington on “equal terms”.

President Volodymyr Zelensky had been hoping to use the deal to secure a US security guarantee in his country in the event of a ceasefire deal with Russia.

However the plan was derailed in February by Zelensky and Trump’s heated clash at the White House.