Ukraine, U.S. officials say they are close to signing minerals deal

Thomson Reuters

· Posted: Apr 30, 2025 4:40 PM EDT | Last Updated: 10 minutes ago

Ukraine and the U.S. said connected Wednesday they were acceptable to motion a minerals woody imminently aft months of sometimes fraught negotiations, but an eleventh-hour snag injected uncertainty into the timing.

"Our broadside is acceptable to sign. The Ukrainians decided past nighttime to marque immoderate last-minute changes," U.S. Treasury Secretary Scott Bessent told reporters astatine the White House.

"We're definite that they volition reconsider that, and we are ready, if they are."

A Ukrainian authoritative was connected the mode to Washington for the signing. But a root said the U.S. was pushing Ukraine to motion 2 further documents, and that Kyiv felt it was premature.

Bessent denied the U.S. made immoderate effort to alteration the accord to which the 2 sides had agreed over the weekend.

The agreement, which would springiness the United States entree to Ukraine's minerals deposits, is cardinal to Kyiv's efforts to mend ties with U.S. President Donald Trump and the White House arsenic Trump tries to unafraid a bid colony successful Russia's warfare successful Ukraine.

Two sources told Reuters the signing could hap aboriginal connected Wednesday. Ukraine's First Deputy Prime Minister Yulia Svyrydenko was flying to the United States to motion the deal, the country's premier curate said earlier.

A draught of the main minerals statement seen by Reuters showed Ukraine had secured the removal of immoderate request for it to wage backmost the U.S. for past subject assistance, thing Ukraine had staunchly opposed.

Washington has been Ukraine's azygous largest subject donor since Russia's 2022 penetration with assistance of much than 64 cardinal euros ($100 billion Cdn), according to the Kiel Institute successful Germany.

Trump repeated connected Wednesday that the U.S. should get thing for its anterior assistance to Kyiv, frankincense the effort to unafraid a woody for Ukraine's plentiful deposits of uncommon world minerals.

WATCH | What minerals does Trump privation from Ukraine?:

"I presume they're going to honour the deal.... We haven't truly seen the fruits of that woody yet. I fishy we will," Trump said aft a furniture gathering connected Wednesday.

Ukrainian officials anticipation that signing the woody promoted by Trump volition steadfast up American enactment for Kyiv successful the much than three-year-old war.

The draught statement gives the U.S. preferential entree to caller Ukrainian earthy resources deals but does not automatically manus Washington a stock of Ukraine's mineral wealthiness oregon immoderate of its state infrastructure, the draught showed.

"Indeed, it is simply a strategical agreement.... It is simply a genuinely equal, bully planetary statement connected associated investments successful the improvement and betterment of Ukraine," said Ukrainian Prime Minister Denys Shmyhal.

The draught did not specify immoderate factual U.S. information guarantees for Ukraine, 1 of Kyiv's archetypal goals. Separately, Ukraine has discussed with European allies the forming of an planetary unit to assistance guarantee Ukraine's information if a bid statement is reached with Russia.

Creation of associated reconstruction fund

The minerals draught sets retired the instauration of a associated U.S.-Ukrainian money for reconstruction, which volition person 50 per cent of profits and royalties accruing to the Ukrainian authorities from caller earthy resources permits successful Ukraine.

The draught does not spell retired however the associated fund's revenues volition beryllium spent, who benefits oregon who controls decisions astir the spending.

Shmyhal said successful televised comments that erstwhile the main statement was signed, the 2 sides would hold 2 further method and supplementary documents outlining issues specified arsenic however the funds are accumulated.

He said Ukraine would clasp power of each its resources successful the deal, portion the money volition put successful the improvement of Ukraine for 10 years.

"Ukraine volition lone marque a publication from caller licenses, from caller royalties connected mineral resources. This volition beryllium our contribution, 50 per cent of which volition beryllium fixed to this fund," helium said.

The U.S. could usage its aboriginal subject assistance to Ukraine arsenic its publication to the fund, Shmyhal said, with nary erstwhile subject assistance to the state reflected successful the deal.

The 2 sides signed a memorandum, published connected April 18, arsenic an archetypal measurement toward clinching an accord connected processing mineral resources successful Ukraine. In the memorandum, they said they aimed to implicit talks by April 26 and to motion the woody arsenic soon arsenic possible.

Trump and officials successful his medication threatened this period to locomotion distant from efforts to broker a bid woody betwixt Russia and Ukraine unless determination were wide signs of advancement soon.