Kyiv said on Friday it plans to complete talks with Washington by the end of next week on a deal to jointly exploit Ukrainian mineral resources.
Ukrainian officials view the agreement as a step toward reinforcing U.S. support in its conflict with Russia.
While the final terms are not yet confirmed, Washington indicates it expects preferential access to Ukraine’s natural resources as part of repayment for U.S. military assistance provided over the past three years. A memorandum of intent was signed late Thursday by both governments, marking progress toward finalizing the agreement.
According to the memorandum, both sides aim to conclude discussions by April 26 and move toward signing the deal shortly afterward. Ukrainian Prime Minister Denys Shmyhal is scheduled to visit Washington next week to meet with U.S. Treasury Secretary Scott Bessent and continue work on the agreement.
Ukraine’s First Deputy Prime Minister and Economy Minister Yulia Svyrydenko confirmed the signing of the memorandum on social media, describing it as the result of ongoing joint efforts and a commitment to finalize a mutually beneficial agreement.
The memorandum also outlines plans for a broader economic partnership and the creation of an investment fund to support Ukraine’s reconstruction. However, it does not include details on U.S. access or expected revenue from the resource projects.
Speaking to reporters, U.S. President Donald Trump confirmed the existence of the deal and suggested it would be signed on Thursday. Trump has questioned previous U.S. aid to Ukraine and expressed interest in closer relations with Moscow, which invaded Ukraine in 2022.
A draft of the mineral’s agreement discussed earlier this month includes U.S. access to Ukraine’s mineral deposits and a requirement for Kyiv to allocate all income from these resources into a joint investment fund. The scope also covers infrastructure related to natural gas transit.
The draft does not include U.S. security guarantees for Ukraine, which remains a central concern for Kyiv. Ukrainian lawmaker Inna Sovsun expressed appreciation for past U.S. assistance but voiced concern about the implications of the proposed deal on Ukraine’s sovereignty over its resources.
Ukraine holds significant mineral reserves, including rare earth elements, graphite, lithium, titanium, and uranium. A previous version of the deal was set for signing in February during Zelenskiy’s visit to the White House but was delayed following a disagreement during that meeting. Intelligence sharing was also briefly paused afterward.
Talks later resumed, with both governments re-engaging on cooperation over natural resources.
