The United States and Ukraine are on the verge of finalizing a significant rare-earth minerals agreement, which could be officially signed as early as next week, according to US President Donald Trump.
Ukraine’s First Deputy Prime Minister and Economy Minister, Yulia Sviridenko, announced on Friday that both sides have reached a preliminary understanding. “We are pleased to confirm the signing of a Memorandum of Intent with our American partners,” she stated, describing it as a stepping stone toward an Economic Partnership Agreement and the creation of an Investment Fund for Ukraine’s reconstruction.
Although Sviridenko did not reveal specifics regarding the memorandum or how the new fund would be financed, she praised the ongoing negotiations, calling the document “the result of dedicated work” between both teams. “We continue to refine the Agreement itself. There’s still much to do, but the progress made so far gives us hope that the final deal will be mutually advantageous,” she added.
President Trump commented on the pending agreement, suggesting that a formal signing could happen next Thursday. “We have a minerals deal, which I think is going to be signed… next Thursday. I believe they’ll stick to it. So we’ll see. But yes, we have a deal there,” he said.
The planned agreement has been in the works for several weeks, centered around giving the US access to Ukraine’s rare-earth mineral reserves. The Trump administration reportedly views this as a means to recover funds previously sent to Kiev as part of Washington’s extensive support during the ongoing conflict with Russia.
However, Ukraine maintains that American aid was extended without conditions, and the idea of using mineral resources as repayment has stirred debate. A recent Bloomberg report noted that the US had lowered its valuation of total aid to Ukraine from over $300 billion to roughly $100 billion, but still sees resource deals as a way to recoup some of those expenses.
Negotiations nearly culminated in February with a planned signing event during President Vladimir Zelensky’s visit to the White House. That ceremony was derailed by a public fallout, during which Trump accused Zelensky of showing a lack of gratitude for the assistance received and of taking unnecessary risks by avoiding peace efforts and potentially escalating the conflict with Moscow.
