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By Eleonora Vasques
Published on 18/04/2025
Ukraine and the United States signed a 'memorandum of intent' on Thursday seen by Euronews laying the groundwork to finalise the mineral deal. Key negotiations are expected in Washington between 21-26 April.
The US and Ukraine have signed a memorandum of intent with the goal of finalising a "formal agreement on economic partnership and reconstruction investment fund," concerning mineral exploitation, according to a document seen by Euronews.
The one-page document, signed by Ukraine's first deputy prime minister Yulia Svyrydenko and US Secretary of Treasury Scott Bessent on Thursday evening, says that a key round of negotiations will happen in Washington between 21 and 26 April.
By that time, it is expected that both sides will have reached a general agreement to finally sign off on the deal.
"Without prejudice to any remaining political or legal procedures required to complete the arrangement, Ukraine Prime Minister Shmyhal will visit Washington DC the week of April 21 2025 to meet the US Treasury Secretary Bessent and lend high-level support to the conclusion of technical discussions on the terms of an agreement establishing a reconstruction investment fund," the document reads.
The US and Ukraine have signed a memorandum of intent with the goal of finalising a "formal agreement on economic partnership and reconstruction investment fund," concerning mineral exploitation, according to a document seen by Euronews.
The one-page document, signed by Ukraine's first deputy prime minister Yulia Svyrydenko and US Secretary of Treasury Scott Bessent on Thursday evening, says that a key round of negotiations will happen in Washington between 21 and 26 April.
By that time, it is expected that both sides will have reached a general agreement to finally sign off on the deal.
"Without prejudice to any remaining political or legal procedures required to complete the arrangement, Ukraine Prime Minister Shmyhal will visit Washington DC the week of April 21 2025 to meet the US Treasury Secretary Bessent and lend high-level support to the conclusion of technical discussions on the terms of an agreement establishing a reconstruction investment fund," the document reads.
Vice President JD Vance speaks with Ukrainian President Volodymyr Zelenskyy as President Donald Trump listens in the Oval Office, 28 February, 2025AP Photo
"Negotiating teams are expected to report on the progress by April 26, 2025, with the aim of completing discussions by that date and signing as soon as possible."
The document also outlines possible conflicts the agreement may create with the European Union and that the US will not interfere in such a case.
"The United States respects Ukraine's intention to avoid conflicts in the drafting of the agreement with Ukraine's obligations under European Union accession or agreements with international financial institutions and other official creditors," the document says.
Tensions between the US and Ukraine
Relations between Ukraine and the US have soured since US President Donald Trump began negotiations with Russian officials to end the war, side-lining Ukrainian President Volodymyr Zelenskyy.
A meeting between Zelenskyy and Trump in the Oval Office in February descended into a shouting match, with Trump accusing the Ukrainian president of not being grateful enough for US support.
Meanwhile, Secretary of State Marco Rubio was in Paris on Thursday to discuss a wide range of issues with European allies, including the war in Ukraine.
On Friday, he told the press that if no progress is made on peace within the next few days, Washington might abandon peace talks.
What is in the deal?
At the end of March, Bloomberg and the Financial Times revealed details about the latest version of the mineral agreement put forward by the White House, which would see Washington gain unprecedented control over Ukraine's natural resources through a joint investment fund.
Under the draft, the fund's board would comprise five members: three appointed by the US and two appointed by Ukraine.
In practice, this would give Washington an effective veto power on key decisions regarding new projects of infrastructure and natural resources.
Roads, railways, ports, mines, oil, gas and the extraction of critical minerals would all fall under the scope of the new structure.
"Negotiating teams are expected to report on the progress by April 26, 2025, with the aim of completing discussions by that date and signing as soon as possible."
The document also outlines possible conflicts the agreement may create with the European Union and that the US will not interfere in such a case.
"The United States respects Ukraine's intention to avoid conflicts in the drafting of the agreement with Ukraine's obligations under European Union accession or agreements with international financial institutions and other official creditors," the document says.
Tensions between the US and Ukraine
Relations between Ukraine and the US have soured since US President Donald Trump began negotiations with Russian officials to end the war, side-lining Ukrainian President Volodymyr Zelenskyy.
A meeting between Zelenskyy and Trump in the Oval Office in February descended into a shouting match, with Trump accusing the Ukrainian president of not being grateful enough for US support.
Meanwhile, Secretary of State Marco Rubio was in Paris on Thursday to discuss a wide range of issues with European allies, including the war in Ukraine.
On Friday, he told the press that if no progress is made on peace within the next few days, Washington might abandon peace talks.
What is in the deal?
At the end of March, Bloomberg and the Financial Times revealed details about the latest version of the mineral agreement put forward by the White House, which would see Washington gain unprecedented control over Ukraine's natural resources through a joint investment fund.
Under the draft, the fund's board would comprise five members: three appointed by the US and two appointed by Ukraine.
In practice, this would give Washington an effective veto power on key decisions regarding new projects of infrastructure and natural resources.
Roads, railways, ports, mines, oil, gas and the extraction of critical minerals would all fall under the scope of the new structure.
A view of an ilmenite open pit mine in a canyon in the central region of Kirovohrad, 12 February, 2025 AP Photo
Ukraine would be obliged to present all new projects to the fund for review "as early as practicable", Bloomberg reported. If the project were turned down, Ukraine would be prevented from offering it to other parties with "materially better" conditions.
Additionally, the US would have the right to reap all the profits from the fund and a 4% annual return until the military and financial aid that has been provided to Ukraine is fully recouped.
The Kiel Institute for the World Economy estimates American support to be worth €114 billion since the start of Russia's full-scale invasion.
The "payback" model has been central to Donald Trump's motivation to sign the deal.
Ukraine would be obliged to present all new projects to the fund for review "as early as practicable", Bloomberg reported. If the project were turned down, Ukraine would be prevented from offering it to other parties with "materially better" conditions.
Additionally, the US would have the right to reap all the profits from the fund and a 4% annual return until the military and financial aid that has been provided to Ukraine is fully recouped.
The Kiel Institute for the World Economy estimates American support to be worth €114 billion since the start of Russia's full-scale invasion.
The "payback" model has been central to Donald Trump's motivation to sign the deal.
US, Ukraine sign memorandum on minerals deal: Ukrainian minister
Memorandum of intent lays groundwork for future minerals agreement
David Kachkachishvili and Beril Canakci |18.04.2025 -
KYIV, Ukraine
Ukraine and the US signed a memorandum Thursday that lays the groundwork for a future economic partnership and cooperation on mineral development, said Ukrainian Economy Minister Yulia Svyrydenko.
“We are happy to announce the signing, with our American partners, of a Memorandum of Intent,” Svyrydenko wrote on X.
She said the agreement paves the way for an economic partnership agreement and the creation of an investment fund for the reconstruction of Ukraine.
According to Svyrydenko, negotiating teams from the two countries recently concluded a fresh round of technical talks in Washington.
The next steps include finalizing the text of the broader agreement, followed by its formal signing and parliamentary ratification, she added.
“There is a lot to do,” Svyrydenko said, “but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries.”
An agreement giving the US access to Ukraine’s rare earth minerals was scheduled to be signed at the White House in late February.
But US President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskyy engaged in a heated dispute, and the signing was canceled.
Memorandum of intent lays groundwork for future minerals agreement
David Kachkachishvili and Beril Canakci |18.04.2025 -
KYIV, Ukraine
Ukraine and the US signed a memorandum Thursday that lays the groundwork for a future economic partnership and cooperation on mineral development, said Ukrainian Economy Minister Yulia Svyrydenko.
“We are happy to announce the signing, with our American partners, of a Memorandum of Intent,” Svyrydenko wrote on X.
She said the agreement paves the way for an economic partnership agreement and the creation of an investment fund for the reconstruction of Ukraine.
According to Svyrydenko, negotiating teams from the two countries recently concluded a fresh round of technical talks in Washington.
The next steps include finalizing the text of the broader agreement, followed by its formal signing and parliamentary ratification, she added.
“There is a lot to do,” Svyrydenko said, “but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries.”
An agreement giving the US access to Ukraine’s rare earth minerals was scheduled to be signed at the White House in late February.
But US President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskyy engaged in a heated dispute, and the signing was canceled.
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