Ukraine and the United States signed a memorandum of understanding on Thursday (US local time) over a potential minerals agreement, signalling progress toward a broader economic partnership, Ukrainian Economy Minister Yulia Svyrydenko said, according to The New York Times.
Signed via video call with US Treasury Secretary Scott Bessent, the memorandum falls short of a final deal but marks renewed momentum following weeks of stalled negotiations and public tensions.
While the White House has not issued an official comment, Bessent said separately that a full minerals agreement is expected 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 in a Facebook post, calling the agreement a move toward a “joint economic partnership” and a fund to support Ukraine’s reconstruction.
Negotiations over the deal have been contentious. Previous drafts included proposals that would give the United States a major stake in Ukraine’s vast but largely untapped natural resources, including rare earth metals, oil, and gas. The investment fund tied to the agreement is expected to use revenue from these resources to finance Ukraine’s postwar rebuilding, with American firms likely to play a major role.
President Donald Trump, who had been expected to co-sign the full agreement alongside Ukrainian President Volodymyr Zelenskyy at a now-delayed White House ceremony in February, has described the deal as compensation for the extensive US military aid provided to Kyiv. He claimed the agreement could generate $500 billion from Ukraine’s resources for the United States.
Tensions flared last month when Trump briefly suspended weapons deliveries and intelligence-sharing with Ukraine during ceasefire and minerals negotiations. Despite this, Ukraine has had limited leverage in the talks, relying heavily on US military and financial support in its war against Russia.
Though Thursday’s memorandum referenced the future reconstruction fund, it omitted key details such as revenue sources or specific US security guarantees. Earlier versions had suggested redirecting a portion of Ukraine’s resource royalties to the fund.
Svyrydenko said the final version of the deal would require ratification by both the US Congress and the Ukrainian parliament.
