The United States and Ukraine are close to finalizing a mineral contract following months of challenging negotiations, but there are still some last-minute issues to sort out.
The Ukrainian Prime Minister mentioned that Deputy Prime Minister Yulia Swillidenko flew to Washington on Wednesday with plans to sign the contract. This signing is part of Ukraine’s aim to mend its relationship with the U.S. Administration, particularly involving President Donald Trump, as they seek reconciliation amid the ongoing conflict with Russia.
After securing significant concessions from the Trump administration, Ukraine has reached this latest iteration of the mineral agreement.
President Donald Trump gestures as he listens to Ukrainian President Voldy Mee Zelensky at the White House on February 28, 2025. (Reuters/Nathan Howard)
There’s a strategic layer here; Trump is reportedly interested in accessing Ukrainian rare earth materials in exchange for continued U.S. support in the ongoing war, framing it as a multi-billion-dollar return on the aid offered to Ukraine.
Despite prior setbacks, including what seems like a public fallout, both leaders managed to connect during a meeting in Rome over the weekend.
A draft agreement obtained suggests that the two nations will establish a joint reconstruction fund, which would be supported by half of the profits generated from Ukraine’s new mineral licenses. This agreement offers U.S. access to trade Ukrainian natural resources but does not grant automatic rights over Ukraine’s mineral wealth or gas infrastructure.
Interestingly, Ukraine won’t have to repay prior U.S. assistance; only future aid will count as contributions towards the joint fund.
President Donald Trump is set to meet with Ukrainian President Voldimir Zelenky again after earlier developments. (Ambassadors of the Vatican and the Ukrainian Ambassadors)
As Russian hostilities escalate, this week seems pivotal for peace talks. Ukrainian officials have described this agreement as a significant international collaboration between the U.S. and Ukraine aimed at co-investing in development efforts.
However, as Swillidenko’s plane was heading to the U.S., Ukraine is insisting that three key documents be signed simultaneously— the framework, the detailed agreements for the fund, and various technical provisions, according to individuals familiar with the matter.
Treasury Secretary Scott Bessent’s team has reportedly indicated that they are prepared to either finalize all contracts or return home without a deal, as reported by sources familiar with the discussions.
Firefighters carry victims following a missile attack in Ukraine that resulted in multiple civilian casualties on April 13, 2025. (Ukrainian emergency services via AP)
The U.S. seeks access to over 20 raw materials considered crucial for its economic interests, including vital resources like titanium and uranium, along with lithium, graphite, and manganese for electric vehicle batteries. These factors are intertwined with Ukraine’s ongoing push for EU membership.
On April 18, both sides signed a memorandum that serves as an initial step toward agreement on the utilization of Ukraine’s mineral resources. They aim to finalize consultations by April 26 and move forward with the deal as soon as possible.
