Ukraine states that the agreement with the United States is the first step toward a minerals partnership

On Thursday, Ukraine announced that Kyiv and Washington had formalized a memorandum, marking a preliminary step toward finalizing an agreement for the development of mineral resources in Ukraine, a deal advocated by U.S. President Donald Trump.

Although both parties were ready to sign a cooperation agreement on natural resources in February, the process was postponed following a heated exchange during a meeting between Trump and Ukrainian President Volodymyr Zelenskiy in the Oval Office.

“We are pleased to share the news of our signing with our American partners,” stated Yulia Svyrydenko, Ukraine’s first deputy prime minister and economy minister, on social media after the signing. She noted that the memorandum of intent lays the groundwork for an economic partnership and the establishment of an investment fund aimed at Ukraine’s reconstruction.

This signing follows efforts by officials in Kyiv to mend relations after the Oval Office incident, acknowledging the necessity of U.S. support in Ukraine’s ongoing conflict with Russia, which launched a full-scale invasion in 2022. Ukrainian officials have indicated that the minerals agreement is part of this broader strategy.

Trump mentioned that the formal agreement could be finalized as early as next week, although Ukrainian representatives did not specify when they anticipated completing the full deal. A Ukrainian delegation visited Washington at the end of the previous week for discussions after the U.S. proposed a more comprehensive agreement. An initial framework was established but has yet to be signed.

“We have a minerals deal, which I believe will be signed on Thursday,” Trump told reporters at the White House earlier. He has advocated for a pact that would grant the United States preferential access to Ukraine’s natural resources and critical minerals, framing it as compensation for military assistance provided during former President Joe Biden’s administration.

“We’re still finalizing the details,” remarked Treasury Secretary Scott Bessent, who was seated next to Trump in the Oval Office, adding that the signing could occur by next Friday.

He stated, “This aligns closely with our previous agreement. When the president visited, we established a memorandum of understanding. We proceeded directly to the main agreement, which I believe consists of 80 pages, and that is what we will be signing.”

The White House has not provided additional information regarding the timing and specifics of the agreement.

Zelenskiy mentioned that both parties could finalize the memorandum online. “This is a memorandum of intent, and we have positive, constructive intentions,” he informed reporters in Kyiv, noting that the U.S. had proposed signing the memorandum prior to the comprehensive deal, which would need approval from Ukraine’s parliament.

Earlier, Svyrydenko indicated that the memorandum represents the initial step in documenting the significant advancements made by Kyiv and Washington in their discussions regarding the agreement.