Ukraine, US sign memorandum to advance strategic minerals agreement

Ukraine and the United States have signed a memorandum outlining their intention to finalise a broader agreement on cooperation in the extraction and development of Ukrainian mineral resources. The document marks a significant step forward in the two countries' economic partnership.

The announcement was made by First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko on her official Facebook page, Caliber.Az reports via Ukrainian media.

“Today we took a step toward a joint Economic Partnership Agreement with the United States,” Svyrydenko stated. “Ukraine and the United States of America signed a memorandum that reflects the constructive collaboration between our teams and the intention to finalise and conclude an agreement that will benefit both our peoples.”

Svyrydenko also revealed that Ukraine is working on the creation of an Investment Fund for the Reconstruction of Ukraine, which will serve as a platform to attract substantial investment, modernise infrastructure, and deepen cooperation between the two countries.

“The corresponding agreement will create opportunities for major investments, infrastructure modernisation, and a mutually beneficial partnership between Ukraine and the United States,” she said. “Our teams are working on this document with exactly that goal in mind.”

She emphasised that the agreement underlines a shared commitment: “We are affirming, through our agreements, the willingness of the American people to invest together with the Ukrainian people in a free, sovereign, and secure Ukraine.”

Svyrydenko noted that the next steps will involve finalising the text of the agreement, followed by its formal signing and subsequent ratification by the parliaments of both countries.

She also thanked the technical teams on both sides — Ukrainian and American — for their professional, constructive, and efficient efforts in preparing the memorandum.

Meanwhile, during a press conference on April 17, President Volodymyr Zelenskyy clarified that Ukraine does not view the assistance previously provided by the Biden administration as debt. His comment came amid ongoing discussions about how US aid might be repaid or reciprocated in the future.

Former US President Donald Trump has previously suggested that any deal involving the joint development of Ukraine’s mineral wealth should help compensate for the billions spent by Washington in supporting Kyiv. According to Zelenskyy, the initiative to sign the memorandum of intent originally came from the US side.

Ukrainian media have reported that at the end of March, after the initial version of the minerals agreement failed to materialise, the US presented a new draft. That proposal, however, was criticised by many in Ukraine as exploitative. Negotiations have continued since then, with the latest memorandum serving as a framework for reaching a more balanced and acceptable final agreement.

By Tamilla Hasanova