Ukraine Reaches Agreement with US on Minerals Deal, Lacking Security Guarantees for Kyiv | World News
According to a source within the Ukrainian government, Ukraine has reached an agreement with the United States concerning a significant minerals deal, as reported by Sky News.
While there has been no confirmation from the US, Donald Trump stated on Monday evening that his Ukrainian counterpart “would like to finalize the minerals deal with me”.
Once executed, this agreement could pave the way for a new long-term collaboration between Kyiv and Mr Trump‘s administration after a period of escalating tensions.
The source indicated that a signing of the document is anticipated “very soon”.
This could potentially occur during a direct meeting between Ukrainian President Volodymyr Zelenskyy and Mr Trump.
On Tuesday evening, the US president informed reporters that his Ukrainian counterpart is “coming to visit on Friday”.
He also added: “We have nearly finalized our deal on rare earths.”
A Ukrainian government source confirmed that Mr Zelenskyy is scheduled to meet with Mr Trump in Washington on Friday, a meeting that was initiated by the American side.
Additionally, Ukrainian officials mentioned that Kyiv has established a framework for an economic agreement with the US, allowing for the exchange of rights to rare minerals in return for continued support.
The agreement outlines the terms for establishing a new fund aimed at investing in Ukraine’s minerals, rare earth materials, and other valuable natural resources.
Notably, it no longer includes an initial US demand for a share of up to $500 billion (£394 billion) in potential revenue from these resources.
Mr Zelenskyy had previously dismissed such a hefty sum as not constituting a “serious” discussion.
However, Mr Trump perceives the minerals deal with Ukraine as a reasonable method to recoup the billions in aid that the US has extended to Kyiv—through arms and financial assistance—during its ongoing fight against Russia’s extensive invasion over the last three years.
Moreover, the document does not commit Washington to providing security assurances to Ukraine following any ceasefire arrangement with Vladimir Putin, which is something Kyiv urgently requires and has been requesting.
Further specific details regarding the new partnership are expected to be elaborated upon in upcoming discussions.
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The two parties have “come to an agreement under a framework regarding the establishment of a fund that will be supplemented with a share of minerals” and other natural resources, according to the government source, who spoke on condition of anonymity.
“This is a political maneuver to guarantee that resource revenues are allocated for Ukraine’s security and reconstruction.”
The fund is expected to be funded with US investments in Ukraine’s natural resources, with profits distributed between Washington and Kyiv, as per reports.
The Financial Times was the first outlet to report that an agreement had been reached, indicating that the final version of the deal was documented on 24 February.
“The minerals agreement represents just one aspect of a larger framework. We have repeatedly heard from the US administration that it is part of a broader strategy,” Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister, who has been leading the negotiations, told the newspaper on Tuesday.
This development follows Mr Trump’s controversial comments last week, wherein he referred to Mr Zelenskyy as a “dictator with no elections”.
He further asserted that the Ukrainian president “better act quickly or he may lose his country” after Zelenskyy accused Trump of dwelling in a Russian-developed “disinformation space”.
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French President Emmanuel Macron visited Washington to engage with Mr Trump on Monday regarding discussions on Ukraine amidst strained relations between the US and Europe.
During their meeting in the White House on the third anniversary of Russia’s war in Ukraine, President Macron commented that he and Mr Trump “made substantial progress during our discussions”.
This meeting coincides with UK Prime Minister Sir Keir Starmer’s upcoming visit to the White House to meet Mr Trump on Thursday.
Mr Starmer and Mr Macron held a phone conversation on Tuesday, in which they “agreed that President Trump’s initiative towards establishing a lasting peace in Ukraine is commendable”, according to a spokesperson from Downing Street.
