Ukraine Strikes Preliminary Minerals Agreement with US amid Reconstruction Plans

The signing of the memorandum between Ukraine and the U.S. marks a significant step toward creating an investment fund for reconstruction amidst ongoing conflict, promising access to Ukraine's critical minerals.

Ukraine's Economic Minister, Yulia Svyrydenko, has reported the successful signing of a preliminary minerals agreement with the United States, aimed at revitalizing the war-ravaged economy and establishing a significant economic partnership. The memorandum of intent is heralded as a precursor to a comprehensive economic partnership agreement, which would also create an investment fund dedicated to Ukraine’s reconstruction efforts.

During her announcement on social media platform X, Svyrydenko highlighted the importance of this agreement, although she refrained from disclosing specific details. The signing was conducted via an online call with U.S. Treasury Secretary Scott Bessent, who affirmed that discussions about the agreement's terms are ongoing. He mentioned that this agreement, which is substantially based on prior discussions, would be roughly 80 pages long.

The recent developments towards a minerals deal come after a tumultuous period in negotiations marked by tensions between Ukrainian President Volodymyr Zelensky and former U.S. President Donald Trump during a public confrontation at the White House earlier this year. Trump also acknowledged the deal during a press briefing alongside Italian Prime Minister Giorgia Meloni, indicating a signing date next Thursday. He expressed cautious optimism that the U.S. and Ukraine would live up to the commitments outlined in the agreement.

While the White House has yet to comment on the specifics of the deal or its timing, this move is expected to unlock access to Ukraine's vast mineral resources, including oil and gas, which are essential for both nations’ economic strategies. Furthermore, President Zelensky hopes that finalizing this agreement may facilitate a U.S. security guarantee for Ukraine in light of possible peace talks with Russia. This strategic partnership highlights ongoing efforts to bolster Ukraine's resilience amidst conflict-ridden challenges over territorial integrity.