US, Ukraine near agreement on minerals deal after key concession

The United States and Ukraine are on the brink of finalising a minerals framework deal, with the agreement expected to be signed as early as this week.

Kyiv has secured a significant concession from the Trump administration, which agreed not to factor in past military aid as part of the deal, Caliber.Az reports, citing US media.

This latest development marks a major step forward after a previous signing ceremony in February was cancelled following a public dispute between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy. The row centred around Trump’s demand that billions of dollars in past US military assistance be considered loans to be repaid through the agreement, a proposal rejected by Zelenskyy.

“It was agreed that assistance provided prior to the signing of the agreement will not be counted towards it,” Ukrainian Prime Minister Denys Shmyhal wrote on his Telegram channel on April 27 night. A senior Ukrainian official stated that this breakthrough could pave the way for the signing of the framework deal this week.

The progress follows a meeting between Trump and Zelenskyy in the Vatican over the weekend, where the US president described their conversation as a “beautiful meeting” and praised Zelenskyy for “doing a good job.” Trump added, “I see him as calmer. I think he understands the picture, and I think he wants to make a deal.”

Trump has recently expressed growing frustration with both Ukraine and Russia, accusing the warring sides of failing to make concessions to end the conflict, now the largest war in Europe in 80 years. "I was very disappointed that missiles were [launched] by Russia... I want [Putin] to stop shooting, sit down and sign a deal," Trump told reporters on April 27 in a rare criticism of Russian President Vladimir Putin. Critics have accused Trump of being more critical of Kyiv than Moscow.

The minerals deal, which aims to jointly exploit Ukraine's rare earths and other natural resources, has been seen by Trump as a way to recoup the billions of dollars in military aid sent to Kyiv under the Biden administration, as well as a means of pressuring Zelenskyy into broader peace negotiations.

The pressure campaign from the US has been ongoing since before the Oval Office fallout, when Treasury Secretary Scott Bessent visited Kyiv and demanded that Zelenskyy sign the initial framework deal in his presence. That meeting descended into a heated confrontation.

On April 27, Shmyhal revealed that he had held an “important meeting” with Bessent to finalise the remaining details of the agreement. "Legal teams are working on the document. We have made good progress," he said, adding that Ukraine had clearly defined its “red lines.”

Ukrainian officials had previously warned that the US proposal to use proceeds from the minerals deal to repay past military assistance could undermine Ukraine’s sovereignty, jeopardise its EU membership ambitions, and face strong opposition in the country’s parliament. Many Ukrainian MPs, including those from Zelenskyy’s ruling party, voiced concerns that the deal could be detrimental to Ukraine’s future.

The senior Ukrainian official added that the framework deal being negotiated covers all mineral resources, including oil and gas, and major energy assets across the entire Ukrainian territory. “The agreement must comply with European commitments and must not contradict Ukraine’s constitution and legislation,” Shmyhal said, indicating that the new agreement was on track to address Kyiv’s concerns.

Earlier this month, Ukraine and the US signed a memorandum of intent to advance an agreement on the investment fund component of the deal, which would focus on Ukraine’s natural resources and energy assets.

The sensitive nature of the negotiations led to Zelenskyy ordering an investigation into the leak of the previous US proposal, with polygraph tests on government officials included as part of the inquiry.

Moreover, US National Security Adviser Mike Waltz expressed confidence that the deal “is going to get done.” He added, “The negotiators were working hard over the weekend,” and that Trump “is determined to make it so.”

By Aghakazim Guliyev