Ukraine ready to sign subsoil deal with US on 30 April

The draft agreement between Ukraine and the United States on subsoil has been finalised and may be signed as early as Wednesday, 30 April.

Bloomberg has learned this from its own sources.

According to the draft document seen by Bloomberg News, under the agreement, the US and Ukraine will seek to create conditions for «increased investment in Ukraine's mining, energy and related industries». Washington also recognises Kyiv's intentions to conclude a deal that would not conflict with its plans to join the European Union, which has long been considered a red line in the negotiations.

It is noted that the United States has agreed that only future military assistance that it may provide to Ukraine after the agreement is signed will be counted towards its contribution to the fund.

According to the document, the agreement «strengthens the strategic partnership between the parties for the long-term reconstruction and modernisation of Ukraine in response to the widespread destruction caused by Russia's full-scale invasion».

According to the source, two other technical agreements that will determine the functioning of the joint fund have not yet been finalised.

At the same time, there is no official confirmation or statement on the content of the agreements.

Earlier, it was reported that Ukraine and the US are still discussing some issues before signing the minerals agreement, but it is not expected to be signed this week.

A week ago, the two countries signed a memorandum as a first step towards reaching an agreement on expanding economic cooperation, including the development of mineral resources in Ukraine, which proved to be unattainable.

Agreement on minerals between Ukraine and the United States

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.