Ukraine and US Sign Key Minerals Agreement to Boost Economic Ties

KYIV, Ukraine — Ukraine and the United States signed a memorandum of understanding on Thursday, aimed at establishing a minerals agreement that could enhance economic cooperation between the two nations, according to Ukrainian Economy Minister Yulia Svyrydenko.

The memorandum was signed via video call with U.S. Treasury Secretary Scott Bessent, marking a positive step after weeks of stalled negotiations. Svyrydenko described the agreement as a substantial move toward a “joint economic partnership” and indicated it would support Ukraine’s reconstruction post-war.

This agreement focuses on Ukraine’s vast untapped natural resources, including rare earth metals, oil, and gas, highlighting U.S. interest in investing. Bessent noted that a comprehensive minerals agreement is anticipated to be announced next week.

“It is important that we reaffirm by our agreements the desire of the American people to invest together with the Ukrainian people in a free, sovereign and secure Ukraine,” Svyrydenko wrote on Facebook.

The memorandum comes amid contentious negotiations where earlier drafts proposed significant U.S. stakes in Ukraine’s resources, which raises concerns about control over those resources. Previous discussions had suggested a portion of the revenue from these resources would fund Ukraine’s postwar rebuilding efforts.

In the past month, tensions escalated when U.S. President Donald Trump briefly halted military assistance to Ukraine during this sensitive negotiation period. Despite these challenges, the Ukrainian government is pushing for more U.S. support, relying on the military and financial aid needed in their ongoing conflict with Russia.

While the signed memorandum is a promising start, it awaits ratification from both the U.S. Congress and the Ukrainian parliament before finalization.

As negotiations continue, the focus remains on establishing a solid framework for collaboration that benefits both nations significantly.