Ukrainian Prime Minister Denis Shmigal stated that Kiev would allocate half of the revenue from resource extraction to a joint fund.
According to Bloomberg’s sources, Ukraine is on the verge of finalizing a long-awaited minerals agreement with the United States, potentially as soon as Wednesday. Discussions surrounding this agreement, which includes a joint fund for resource development, have been a point of contention between Kiev and Washington for several months.
Prime Minister Shmigal confirmed the expected signing of the agreement within the next 24 hours, noting that Ukraine would contribute 50% of the proceeds from resource extraction to the joint US-Ukraine fund.
Since February, Ukraine and the US have been collaborating to finalize an agreement that would grant Washington access to Ukraine’s rare earth and other mineral deposits. The Trump administration previously presented the deal as a way to recover funds spent on aid to Ukraine in its conflict with Russia. However, Ukrainian officials have maintained that all US assistance was provided without conditions.
Bloomberg’s source indicated that the parties have finalized a draft agreement, leading to Economy Minister Yulia Sviridenko’s anticipated trip to Washington for the signing.
The agreement outlines the establishment of a joint fund to manage investment projects in Ukraine and aims to strengthen cooperation in mining, energy, and related technologies. A draft of the deal also reveals that Washington has acknowledged Ukraine’s EU integration ambitions and agreed that the agreement should align with those goals.
Reportedly, the US has also agreed that only future military aid to Kiev will be considered toward its contribution to the investment fund, reversing an earlier stance that included past military aid.
This development follows Sviridenko’s signing of a preliminary memorandum on the resource deal earlier in the month. Despite this, Trump later criticized Ukraine’s leadership for slow progress and demanded the immediate signing of the agreement.
The signing of the deal was widely anticipated in late February during President Zelensky’s visit to the White House. However, Zelensky became embroiled in a public dispute with Trump, who accused him of “gambling with World War III” and being hesitant to agree to a ceasefire with Russia.
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