Ukraine, U.S. may sign rare earths deal within 24 hours

On April 30, Prime Minister Denys Shmyhal said that an agreement on rare earth minerals with the United States would be signed within 24 hours.

According to Shmyhal, the Ukrainian side is ready to approve and sign the documents virtually at any time, as soon as the final information from the United States is available. He added that technical translation from English into Ukrainian is currently underway.

“This agreement will be followed by the signing of two more technical executive agreements on the direct creation of the investment fund and its financing and content,” the prime minister added.

Draft agreement details

Earlier, Bloomberg, citing sources, and Suspilne, quoting a source in the Office of the President, reported the news.

Ukraine’s Minister of Economy has already arrived in Washington, and Kyiv plans to sign the agreement today.

According to the draft agreement reviewed by the agency, Ukraine and the U.S. aim to create conditions to boost investment in mineral extraction, energy, and related technologies in Ukraine. The U.S. also acknowledges that the agreement must align with Kyiv’s EU accession plans.

The American side also agreed to include only future military assistance in the special fund, excluding aid that has already been provided.

The agreement “strengthens the strategic partnership between the Parties for the long-term reconstruction and modernization of Ukraine, in response to the large-scale destruction caused by Russia’s full-scale invasion,” the document states according to the outlet.

However, the source added that two technical agreements, which will define the operation of the joint fund, are still not finalized.

According to the source, the agreement on rare earth minerals may be signed on Wednesday, April 30, as Svyridenko has already headed to Washington.

Minerals deal: background

On Thursday, March 27, President of Ukraine Volodymyr Zelenskyy said that the United States was offering to sign a full agreement on minerals instead of a framework agreement.

On March 28, the media reported that the administration of U.S. President Donald Trump had returned to the mineral deal a requirement that Ukraine reimburse all the assistance the United States provided after the start of Russia's full-scale invasion in 2022. 

During an hour of questions to the government in the Verkhovna Rada on March 28, Ukraine's Economy Minister Yulia Svyrydenko confirmed that the government had received a draft agreement from the United States on minerals, and Ukraine was formulating its position.

Later, Zelenskyy commented on the new American draft agreement on Ukrainian rare earth minerals and said that it contained things that the parties had previously rejected.

On March 31, U.S. President Donald Trump said that Ukrainian President Volodymyr Zelenskyy wants to back out of a key mineral deal.

On the same day, it became known that Ukraine and the United States discussed the American draft of the minerals deal agreement for the first time.

On April 8, Bloomberg reported that delegations from Ukraine and the United States would discuss a minerals agreement on April 11-12.

On the same day, Ukraine’s Foreign Minister Andrii Sybiha stated that Ukraine had already developed its position on the minerals agreement with the United States and was now assembling a delegation for the talks.

On April 27, Prime Minister of Ukraine Denys Shmyhal announced that Ukraine and the U.S. have agreed that previously provided U.S. assistance will not be counted in the mineral agreement.