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Ukraine and US Move Toward Minerals Deal
In a significant development, the Ukrainian government has revealed the signing of a memorandum outlining a minerals deal with the United States. This agreement represents a potential new chapter in economic collaboration between the two nations.
Economy Minister Yulia Svyrydenko highlighted that this memorandum of intent sets the stage for what she referred to as an Economic Partnership Agreement. This deal is expected to include the establishment of an investment fund aimed at helping rebuild Ukraine.
U.S. officials have expressed optimism that the final agreement could be finalized as early as next week. The path to this deal was initially complicated owing to a public dispute in February between former President Donald Trump and Ukrainian President Volodymyr Zelensky during an official meeting at the White House.
Svyrydenko made the announcement on the social platform X, although specific details about the agreement were not disclosed. Accompanying her announcement were photographs of Svyrydenko and U.S. Treasury Secretary Scott Bessent signing documents separately during an online conference.
In her statement, Svyrydenko said, “We are pleased to announce the signing, alongside our American partners, of a Memorandum of Intent, which facilitates our Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine.” The online signing was conducted with Bessent, who noted that the specifics of the agreement are still under negotiation.
“It substantially reflects what we had agreed upon earlier. When President Zelensky visited, we discussed a memorandum of understanding. We are advancing to a more comprehensive agreement, which is reportedly around 80 pages,” Bessent elaborated.
Donald Trump also referenced the deal during a press event with Italian Prime Minister Giorgia Meloni. “We have a minerals deal which I believe is going to be signed next Thursday… soon. I anticipate that they will adhere to the agreement, but time will tell,” he stated.
As of now, the White House has not provided additional information regarding the specifics or timeline of the agreement, as reported by Reuters. This initiative is aimed at facilitating U.S. access to Ukraine’s vital mineral resources, in addition to its oil and gas supplies.
Earlier reports suggested that a joint “investment fund” would be created for Ukraine’s reconstruction efforts, with management shared equally between Kyiv and Washington. President Zelensky hopes that this arrangement could also extend to securing a U.S. security guarantee for Ukraine in the event of a ceasefire with Russia.
However, the prospect of solidifying this plan faced setbacks earlier in the year due to the aforementioned public confrontation between Zelensky and Trump at the White House.
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