Ukraine and US closer to minerals deal

(Patria) - Ukraine and the United States have made "significant progress" in talks on a minerals agreement.

- They will sign a memorandum on this in the near future - stated yesterday the Deputy Prime Minister of Ukraine, Yuliia Svyrydenko.

US President Donald Trump is seeking a bilateral minerals agreement as part of his efforts to end Ukraine's war against the Russian invasion.

Trump also sees this agreement as a way to recoup billions of dollars that the US has spent on military aid to Ukraine.

President Volodymyr Zelenskyy said that Ukraine does not intend to recognize the military aid of the previous US administration as a loan.

"Our technical teams have worked very thoroughly together on the agreement and significant progress has been made. Our legal staff has adjusted several items within the draft agreement," Svyrydenko wrote on platform X.

She added that cooperation on the deal will continue and that both sides have agreed on signing a memorandum in the near future, which will mark the first step to signify progress.

The US has reduced the cost estimate for aid to Ukraine since the beginning of the Russian invasion in 2022 to about 100 billion, from an initial 300 billion dollars, Bloomberg News reported yesterday, citing sources familiar with the matter.

Last month, the Trump administration proposed a new, broader minerals agreement, which, however, does not give Ukraine any security guarantees for the future.

It requires all revenue from the exploitation of natural resources of state-owned and private enterprises located on Ukrainian territory to be paid into a joint investment fund.

The agreement will require ratification in the Ukrainian parliament and is expected to contribute to economic growth in both countries, Svyrydenko stated, without releasing further details.

According to her, it will create opportunities for investment and development in Ukraine, but also contribute to establishing conditions for tangible economic growth for both Ukraine and the US.