The U.S. and Ukraine took a major step toward a landmark minerals partnership Thursday, signing a Memorandum of Intent that sets the stage for a broader economic agreement and an Investment Fund for Ukraine’s Reconstruction. The deal, championed by President Donald Trump, could grant the U.S. privileged access to Ukraine’s critical minerals and natural resources—a move Trump framed as compensation for past military aid.
Key Details of the Deal
- Signed by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and U.S. officials.
- Next step: An 80-page comprehensive agreement, potentially signed by next Friday, per U.S. Treasury Secretary Scott Bessent.
- Trump’s rationale: “This is repayment for the military support we’ve given Ukraine,” he told reporters, referencing aid under the Biden administration.
Why It Matters
- Resource Access: Ukraine holds vast deposits of lithium, titanium, and rare earth metals—crucial for tech and defense industries.
- Reconstruction Funds: The pact includes plans for an investment fund to rebuild Ukraine’s war-torn economy.
- Geopolitical Signal: Strengthens ties amid ongoing U.S.-Ukraine cooperation, despite political shifts in Washington.
Behind the Scenes
- Ukrainian delegation rushed to D.C. last week after Trump proposed a “more expansive” deal than the stalled 2023 framework.
- Zelenskiy’s caution: Called the memo a “positive intent” but noted the final deal requires Ukrainian parliamentary approval.
What’s Next?
- Final agreement: Expected within days, though Bessent admitted “details are still being worked out.”
- Watchpoints:
- Will Ukraine’s parliament ratify the terms?
- How will resource-sharing align with Ukraine’s sovereignty concerns?
- Could this reshape global critical minerals supply chains?
US and Ukraine Seal Minerals Pact: First Step in Strategic Resource Alliance