The United States and Ukraine have moved a step closer to finalizing a rare-earth agreement. A senior Ukrainian official announced that both sides have signed a preliminary document, which sets the stage for a full agreement. According to Ukrainian and American officials, the deal could be officially signed as soon as next week.
The rare-earths agreement is seen as a way for the US to recover some of the money it has spent on military and financial aid to Ukraine during the conflict with Russia. Washington has supported Kyiv heavily since the war began and now wants to turn that assistance into future economic opportunities, especially in the resource sector.
The announcement was made by Yulia Sviridenko, Ukraine’s First Deputy Prime Minister and Minister of the Economy. She said both countries signed a Memorandum of Intent, which is the first step toward a full Economic Partnership Agreement. This document also includes plans for creating an Investment Fund, which would help rebuild Ukraine’s economy after the war.
However, Sviridenko did not share many details about the Memorandum. She did not explain how the Investment Fund would be financed or where the money would come from. She only said the agreement was the result of hard work by both the American and Ukrainian negotiation teams. Sviridenko also added that while there is still a lot of work to do, the talks have been moving quickly, and she believes the final deal will bring major benefits to both countries.
Former US President Donald Trump also spoke about the deal. He confirmed that an agreement on rare-earth minerals is likely to be signed soon, possibly by next Thursday. Trump said, “We have a minerals deal which I guess is going to be signed… next Thursday. And I assume they’re going to live up to the deal. So we’ll see.”
Talks between the US and Ukraine have been going on for several weeks. The main idea is to give American companies access to Ukraine’s large deposits of rare-earth minerals, which are important for making electronics, military equipment, and renewable energy technology. The Trump team believes the mineral rights should act as compensation for the billions of dollars America has already sent to Ukraine. However, Ukrainian officials have argued that the aid was given unconditionally and not meant to be paid back.
According to reports from Bloomberg, the US has recently reduced its calculation of the total aid provided to Ukraine. Earlier, it was said to be over $300 billion, but the new number is around $100 billion. Still, American officials hope to use the deal to recover some of this cost. Meanwhile, the US has not promised to invest in Ukraine’s reconstruction fund, which remains a top priority for Kyiv.
A formal signing ceremony had been planned for February at the White House, with Ukrainian President Volodymyr Zelensky expected to attend. However, the event was cancelled after a public dispute between Trump and Zelensky. Trump accused Zelensky of being ungrateful for American help and said the Ukrainian leader was not making serious efforts for peace with Russia. Trump even suggested Zelensky was risking a global conflict by continuing the war.
