Deputy PM: Kyiv, Washington near critical minerals deal after lengthy negotiations

Ukraine and the U.S. have made “significant progress” on a long-anticipated critical minerals deal, marking a key step in bilateral economic ties, Deputy Prime Minister Yulia Svyrydenko said.

Svyrydenko confirmed that the deal, aimed at unlocking investment in Ukraine’s mineral sector, would be formalised through a memorandum of intent, the drafting of which is nearing completion, Caliber.Az reports per foreign media.

“Our technical teams have worked diligently on the agreement. We've made significant progress, and the legal teams have ensured the appropriate emphasis in the draft. I extend my thanks to the negotiators on both sides,” she wrote on Facebook.

Her remarks follow a round of consultations held in Washington on April 11–12, during which U.S. and Ukrainian delegations worked to iron out the remaining details of the long-delayed deal on Ukraine’s natural resources.

Although early talks were reportedly tense, President Volodymyr Zelenskyy later described the discussions as having concluded “in a positive mood.” He said both sides agreed to confirm the progress by signing a memorandum of intent, with a formal agreement expected to follow soon.

According to earlier reports, the initial U.S. proposal would have granted sweeping powers to a joint investment fund controlled by Washington, while offering no security assurances in return. Former President Donald Trump’s administration had framed the agreement as a means of recovering part of the billions in military and financial support provided to Ukraine since Russia’s full-scale invasion in 2022.

However, Bloomberg reported earlier that U.S. negotiators had softened their stance, reducing their demand for repayment from $300 billion to $100 billion. While this figure more closely aligns with Kyiv’s own estimates of Western aid received, Zelenskyy has repeatedly stressed that Ukraine does not view U.S. support as a loan.

Speaking to Bloomberg, U.S. Treasury Secretary Scott Bessent said the negotiating teams were “very close” to a final deal, which could be concluded later this week.

“The teams will continue to work on the details, a lot has been worked out,” Svyrydenko added, noting that the agreement would require ratification by the Ukrainian parliament.

The deal is expected to pave the way for new investment and economic development, benefiting both countries and helping Ukraine chart a path toward long-term growth.

An earlier framework agreement was slated to be signed during Zelenskyy’s visit to Washington on February 28, but plans were derailed following a reportedly heated Oval Office exchange with Trump and Vice President JD Vance. Kyiv subsequently retained the services of international law firm Hogan Lovells to assist in negotiations.

By Aghakazim Guliyev