US, Ukraine poised to sign minerals pact amid last-minute hurdle
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US Treasury Secretary Scott Bessent. Reuters/File
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Kiev/Washington: Ukraine and the United States said on Wednesday that they were ready to sign minerals sometimes after months of months after months of months, but snatched the eleventh hour and then faced uncertainty.
“Our party is ready to sign in the White House, US Treasury Secretary Secretary Scott Basant told reporters in the White House. Ukrainian residents decided to make some changes in the last minute last night.”
“We are sure they will review it and if they are, we are ready.”
A Ukrainian official was going to Washington for signing. However, a source said that the United States was pressing Ukraine to sign two additional documents, and Kiev felt it was premature.
Basant denied that the United States had made any attempt to change the deal in the weekend.
The deal, which will provide the United States access to Ukraine’s mineral reserves, is central to efforts to improve relations with US President Donald Trump and the White House as Trump has called for a peace settlement in the Russian war in Ukraine.
Two sources told Reuters that the signature could take place on Wednesday. Earlier, the Prime Minister of the country said that Ukraine’s first deputy prime minister, Yulia Swardenko, was leaving for the United States to sign the deal.
The draft of the major mineral agreement seen by Reuters shows that Ukraine has eliminated any need to pay the United States for past military aid – a clause was strongly opposed by Ukraine.
Washington has been Ukraine’s only military donor since Russia’s 2022 attack, according to the German Caile Institute, with a total of $ 64 billion ($ 72 billion).
Trump reiterated on Wednesday that the United States should receive something in exchange for his past aid – so an attempt to access Ukraine’s extraordinary land mineral reserves.
“I assume that they are going to respect the deal,” Trump said after the cabinet meeting on Wednesday. We have not yet seen the rewards of the deal. I suspect we will do it. “
Ukrainian officials hope that the signing of a Trump -promoted agreement will strengthen US support for Kiev for more than three years.
The draft contract gives the United States preferential access to Ukraine’s natural resources, but does not automatically give Washington part of Ukraine’s mineral wealth or its gas infrastructure.
Prime Minister Dennis Shahmal said, “Really, this is a strategic agreement … this is a really equal, good international agreement on joint investment in Ukraine’s development and rehabilitation.”
The draft did not include any US security guarantee for Ukraine – one of Kiev’s early goals. In addition, Ukraine has discussed the establishment of an international force with European allies to ensure that Ukraine’s security can be ensured when there is a peace deal with Russia.
Joint fund
The draft of the minerals sets the formation of a combined US Ukraine Reconstruction Fund, which will provide 50 % of the profit and royalties to the Ukrainian state by new natural resources.
The draft does not specify how the fund’s income will be spent, who benefits, or who controls the expense decisions.
“Once the central contract was signed, the two sides would agree on two more technical and additional documents containing details such as the collection of funds,” Shahmal said on television.
He said that Ukraine will maintain full control of its resources under this agreement, while the fund will invest in Ukraine’s development for 10 years.
“Ukraine will only contribute to new licenses with new royalties related to mineral resources,” he said.
Shamel added that the United States could use military aid in the future as a contribution to Ukraine, and no previous assistance.
The two sides signed a memorandum on April 18 as a preliminary step toward finalizing a mineral resource development agreement. In the memo, the purpose of the two parties was to complete the talks by April 26 and sign the agreement as soon as possible.
Trump and his administration members have threatened to abandon peace efforts between Russia and Ukraine this month unless there is a clear progress soon.
