The Ministry of Economy says Ukraine and the US are close to signing an agreement on minerals

Minister of Economy Yuliia Svyrydenko has announced significant progress in the work on an agreement between Ukraine and the United States on cooperation in the field of minerals.

According to the official, the technical teams of both sides have carefully worked on the draft agreement, and the legal wording has been improved. According to her, the parties have already agreed to consolidate the agreements reached in a memorandum of intent.

Yuliia Svyrydenko also said that the document is being finalised in the near future and will be subject to ratification by the Verkhovna Rada. The agreement is expected to open up new investment opportunities, contribute to the economic growth of both Ukraine and the United States, and become an important element of the economic partnership between the two countries.

Last week, Ukraine's team travelled to Washington to negotiate an agreement that could give the US access to valuable mineral resources.

In February, the framework agreement was not signed due to a dispute between the US and Ukrainian presidents, and the new project, which includes gas, oil, and strategically important minerals, has drawn criticism in Ukraine.

Ukraine-US minerals agreement

Earlier, Donald Trump said that he would like to conclude a deal under which Ukraine would supply the US with rare earth minerals needed for electronics production in exchange for US aid.

However, German Chancellor Olaf Scholz criticised Donald Trump's proposal to provide Ukraine with military assistance in exchange for its minerals.

Subsequently, US President Donald Trump said that Ukraine had agreed to provide Washington with access to rare earth minerals worth $500 billion.

It should be noted, however, that Ukrainian President Volodymyr Zelenskyy refused to sign the agreement on granting the US access to rare earth minerals. The White House called this decision «short-sighted».

Volodymyr Zelenskyy said that the United States might consider investing in mining on the Black Sea shelf, which is currently under Russian occupation.

US National Security Advisor Mike Volz called on Kyiv «to tone it down» and sign the mining agreement that President Zelenskyy had previously rejected.

Subsequently, the US President Donald Trump's administration sent Ukraine an updated version of the mining agreement, which took into account some of Kyiv's comments. The new draft US minerals agreement provides for the distribution of revenues from resources in the liberated territories of Ukraine.