Ukraine and the United States are on the brink of finalising a pivotal agreement on rare earth metals that is expected to deliver long term economic benefits to both nations. President Volodymyr Zelenskyy confirmed that the key legal elements of the deal are nearly completed, following sustained talks between Ukrainian and American negotiators.
During his evening address on 16 April, Zelenskyy commended the efforts of the Ukrainian delegation, led by First Deputy Prime Minister and Economy Minister Yuliia Svyrydenko, who reported significant progress in drafting the agreement. According to Zelenskyy, both countries stand to gain from the agreement, which includes provisions for future investment and a joint reconstruction fund.
Svyrydenko noted that technical and legal teams from both sides had made strong headway in shaping the agreement. A memorandum of intent is expected soon, with final ratification to be carried out by Ukraine’s parliament, the Verkhovna Rada. She added that the agreement, once finalised, will pave the way for substantial foreign investment, particularly in Ukraine’s mineral extraction and postwar rebuilding sectors.
The agreement, initially intended for signing during President Zelenskyy’s visit to Washington in February, was delayed following disagreements during high-level talks in the Oval Office. These disagreements appear to have stemmed from the Trump administration’s demands for profit-sharing in future Ukrainian projects involving infrastructure and mineral wealth, as compensation for the extensive military and financial support Ukraine received under former US President Joe Biden.
According to Bloomberg, the Trump administration had initially claimed that aid to Ukraine amounted to 300 billion US dollars, but has since revised that figure down to around 100 billion US dollars (approximately £80 billion GBP), which aligns more closely with Ukraine’s own estimate of 90 billion US dollars (about £72 billion GBP).
Despite the friction, negotiations have reportedly entered their final phase. US Treasury Secretary Scott Bessent said on 15 April that the sides are “very close” to reaching agreement and hinted that the signing could happen within days.
The final agreement will outline clear terms for rare earth metals extraction, management of resources, foreign investment and shared economic returns. It will also establish a joint investment fund intended to support Ukraine’s postwar recovery and infrastructure projects. The goal is to boost both economies while helping Ukraine stabilise and rebuild.
Key Points of the Ukraine–United States Minerals Agreement
| Element | Status | Notes |
|---|---|---|
| Legal framework | Nearly finalised | Awaiting ratification by Verkhovna Rada |
| Memorandum of intent | In preparation | To confirm mutual commitments |
| Joint investment fund | Included | For Ukraine’s postwar reconstruction |
| Profit-sharing clause | Under negotiation | Pushed by Trump administration |
| Estimated US aid to Ukraine | £80 billion GBP | Down from £240 billion GBP previously claimed by Trump |
| Deal signing | Expected this week | Pending final revisions and mutual agreement |
