Ukraine and the United States said on Wednesday they were preparing to sign mineral deals in months of negotiations, but sometimes negotiations were held, but the 11th hour hurdles inject uncertainty into the timing.
“We are ready to sign. The Ukrainians decided to make last-minute changes last night,” Treasury Secretary Scott Bessent told reporters at the White House.
“We’re sure they’ll rethink that and if they’re ready, we’re ready.”
A Ukrainian official is heading to Washington to sign a contract. But sources said the United States is urging Ukraine to sign two other documents, which Keeff believes is too early.
Bessent denied that the U.S. attempted to change the agreement agreed by both sides over the weekend.
The deal will allow the United States to obtain Ukraine’s mineral deposits, the heart of Kiev’s efforts to establish ties with U.S. President Donald Trump and the White House as Trump tries to obtain a peaceful settlement in Russia’s war in Ukraine.
The signing could take place later on Wednesday, two sources told Reuters. The country’s prime minister earlier said Yulia Svyrydenko, Ukraine’s first deputy prime minister, was flying to the United States to sign the deal.
The draft major mineral agreement seen by Reuters shows that Ukraine has canceled any demands for Ukraine, asking it to repay the U.S. military aid from the past, which Ukraine firmly opposed.
According to Germany’s Kiel Institute, Washington has been Ukraine’s largest military donor since the Russian invasion in 2022, leveraging more than 64 billion euros ($100 billion in CDN).
Trump repeated Wednesday that the United States should get something for Kiev’s previous aid, so he made efforts to reach an agreement for Ukraine’s deposits of large amounts of rare earth minerals.
For the Nationals, CBC’s Chris Brown visited a titanium west of Kiev to learn more about the natural resources that U.S. President Donald Trump wants.
“I think they’re going to cash in on this deal. … We haven’t really seen the outcome of this deal. I doubt we will,” Trump said after a cabinet meeting on Wednesday.
Ukrainian officials hope that signing the deal proposed by Trump will consolidate U.S. support for Keefe in a war of more than three years.
The draft shows that the agreement gives the United States priority to obtain new Ukrainian natural resources transactions, but does not automatically hand over some of Ukraine’s mineral wealth or any of its natural gas infrastructure to Washington.
“Indeed, this is a strategic agreement. … It is a truly equal, good international agreement on Ukraine’s development and restoration of co-investment,” said Ukraine’s Prime Minister Denys Shyhal.
The draft does not specify any specific U.S. security assurance for Ukraine, one of its original targets. In addition, Ukraine discussed international forces with European allies to help ensure Ukraine’s security if a peace agreement is reached with Russia.
Create a joint reconstruction fund
The Draft Minerals provides for the establishment of a United Ukrainian Reconstruction Fund that will receive 50% of profits and royalties from Ukraine’s new natural resource licenses.
The draft does not clarify how the joint fund’s revenues are spent, benefit or decisions on who controls expenditures.
Shyhal said in a TV commentary that once the main agreement is signed, the parties will agree to two other technologies and supplementary documents outlining issues such as how funds accumulate.
He said Ukraine will retain control of all resources in the transaction, and the fund will invest in Ukrainian development for 10 years.
“Ukraine will only obtain new licenses from the new license, which is our new royalties regarding mineral resources. This will be our contribution, with 50% of which will be donated to the fund,” he said.
Shmyhal said the United States could use its future military aid as a contribution to the fund, and that it had not previously reflected the country’s military aid.
The two sides signed a memorandum, published on April 18, the first step towards a Ukrainian agreement to develop mineral resources. They said in the memorandum that their goal is to complete the talks by April 26 and sign the deal as soon as possible.
Trump and his administration officials this month threatened to get rid of efforts to promote a peaceful agreement between Russia and Ukraine unless there are obvious signs of progress soon.
