Kyiv and Washington signed a memorandum Thursday paving the way for a full economic deal to develop Ukraine’s critical minerals and rebuild the war-ravaged country, a top Ukrainian official said.
“We are happy to announce the signing, with our American partners, of a Memorandum of Intent,” Ukrainian Economy Minister Yulia Svyrydenko wrote on X.
American President Donald Trump wants a pact with Ukraine to develop and profit from its vast caches of critical elements and minerals, from lithium to titanium, in what he views as compensation for the billions in aid the U.S. has provided to the war-ravaged country since Russia launched its full-scale invasion in February 2022.
Kyiv and Washington have been hashing out the terms of such an agreement for several months and were on the cusp of signing a deal in February — before a remarkably hostile White House meeting between Trump and Ukrainian President Volodymyr Zelenskyy spectacularly derailed the talks.
The memorandum inked Thursday laid the groundwork “for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine,” Svyrydenko said, and reiterated U.S. support for a “free, sovereign, and secure Ukraine.”
“Ahead is the finalization of the text of the Agreement and its signing — and then, ratification by parliaments,” she said, adding there remained “a lot to do” to get the deal over the line. “But the current pace and significant progress give reason to expect that the document will be very beneficial for both countries.”
During a meeting with Italian Prime Minister Giorgia Meloni in the Oval Office on Thursday, Trump said the U.S. and Ukraine could sign a “minerals deal” as soon as the following Thursday, April 24.
“And I assume they’re [Ukraine] going to live up to the deal,” he added.
Zelenskyy previously refused to agree to a deal that “10 generations of Ukrainians will have to pay back.” Trump at one point demanded proceeds from the development of Ukraine’s natural resources amounting to $500 billion.
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