KYIV (WARINFO) – Ukraine and the United States have made “substantial progress” in their talks on a minerals deal and will sign a memorandum in the near future, First Deputy Prime Minister Yulia Svyrydenko said on Wednesday.
President Donald Trump is pursuing a bilateral mineral agreement as part of his efforts to conclude the conflict between Ukraine and Russia. He believes this could help recoup the billions of dollars the U.S. has invested in military support for Ukraine. However, Ukrainian President Volodymyr Zelensky has stated that Ukraine will not consider previous American military aid as loans.
“Our technical teams have collaborated extensively on the agreement, achieving notable advancements. Our legal team has revised multiple sections of the draft agreement,” Svyrydenko stated in a social media post on X.
Svyrydenko mentioned that they would keep working on the agreement, with both parties agreeing to draft and soon sign a memorandum. This initial step aims to document their advancements so far.
The Deputy Minister of Ukraine’s Ministry of Economy, Taras Kachka, informed the national media that negotiations were progressing well and that they anticipated signing an interim agreement, referred to as a memorandum, in the near future.
“The completion of the final document isn’t expected this week. Significant additional work is necessary as the concepts proposed by the U.S. team require more development,” stated Kachka.
The U.S. has lowered its estimated cost of aid to Ukraine following Russia’s invasion in 2022 to approximately $100 billion from an initial projection of $300 billion, according to a report by Bloomberg News on Wednesday, sources close to the situation said.
A few weeks ago, the Trump administration suggested a broader mineral extraction agreement with Ukraine. This proposal offers Ukraine no assurances for long-term security but mandates that the country contribute all revenue generated from resource exploitation by both public and private entities within its borders into a shared investment fund.
The upcoming accord necessitates approval from Ukraine’s parliamentary body and was anticipated to boost economic development in both nations, according to Svyrydenko, though further specifics were not offered.
“It will create opportunities for investment and development in Ukraine and establish conditions for tangible economic growth for both Ukraine and the United States,” she said.
(Reported by Yuliua Dysa and Olena Harmash; Edited by Frances Kerry, Ron Popeski, and Bill Berkrot)
