Finance minister: Ukraine, US work to finalise critical minerals deal

Ukrainian Finance Minister Serhii Marchenko has confirmed that while there are still unresolved issues, Ukraine and the US are making efforts to finalise a crucial agreement on critical minerals. 

Despite some lingering challenges, Kyiv is determined to wrap up the deal "as fast as we can", Caliber.Az reports via foreign media.

Marchenko made the comments following a meeting on April 23 with US Treasury Secretary Scott Bessent, where the two sides discussed not only the critical minerals agreement but also the ongoing issue of Russian assets frozen by the West since Russia's invasion of Ukraine in February 2022.

A week earlier, Ukraine and the US signed a memorandum as the first step toward deepening economic cooperation, particularly through the development of Ukraine's mineral resources. However, finalising the deal has proven difficult. US President Donald Trump has been a strong advocate for the agreement since beginning his second term in January. Initially, both sides had hoped to sign the deal on natural resources in February, but the signing was delayed and later revised following a contentious Oval Office meeting between Trump and Ukrainian President Volodymyr Zelenskyy.

Trump had anticipated the deal would be signed soon, but Marchenko set more cautious expectations, noting that he did not foresee a signing this week, despite being in Washington with Ukrainian Prime Minister Denys Shmyhal for the Spring Meetings of the International Monetary Fund and World Bank.

“There was progress and now our teams are working very closely together,” Marchenko said after attending an event hosted by the Ukrainian embassy. "There are still some questions which we are discussing,” he added without offering specific details. "We are working as fast as we can to sign the deal," he reiterated but did not commit to a precise timeline. He also clarified that the ongoing discussions about the deal were unrelated to the recent Russian attacks on Kyiv.

On April 24, the US Treasury highlighted the meeting with Ukrainian officials, emphasising the urgency of finalising the economic partnership agreement. Trump has pushed for the deal to give the US preferential access to Ukraine's natural resources and critical minerals, which he frames as compensation for the military aid provided under former President Joe Biden.

The US has also warned that it may scale back its role in mediating a peace deal between Russia and Ukraine unless there is clear progress in the negotiations. Additionally, Marchenko revealed that Bessent is seeking to include discussions on the frozen Russian assets—funds which Kyiv wants to be used for war damages—within the broader framework of the ongoing talks.

Naila Huseynova