Ukraine will send a delegation to Washington next week to negotiate a new draft deal granting US business interests access to its critical mineral resources, according to Economic Minister Yuliia Svyrydenko.
“The new draft agreement from the US shows that the intention to create a fund or jointly invest remains,” Svyrydenko said during a trip to northern Ukraine on Saturday, as quoted by AP.
The delegation will include representatives from Ukraine’s Economic, Foreign Affairs, Justice, and Finance ministries.
Talks over a mineral resources deal – covering critical mineral deposits (e.g., lithium, titanium, uranium), natural gas, petroleum oil, and some rare-earth elements (e.g., lanthanides, scandium, yttrium) – have been ongoing for months, reportedly straining relations between Kyiv and the Trump White House.
According to the AP, a framework agreement was set for signing in February but fell apart after a tense Oval Office meeting between US President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelensky.
Critics in Ukraine, citing leaked documents, have called the latest draft a one-sided proposal that could undermine Kyiv’s control over its resources and infrastructure.
“What we have now is a document that reflects the position of the US Treasury legal team,” Svyrydenko told AP. “This is not a final version, it’s not a joint position.”
Ukraine is now preparing its negotiating team, defining its red lines, and selecting legal and financial advisers.
“It’s clear that the full parameters of this agreement can’t be discussed online,” she said. “We need to sit down with the teams and continue the conversation in person.”
Ukraine holds significant deposits of over 20 minerals deemed critical by the US, including titanium, lithium, and uranium, none of which, notably, are rare-earth elements.
According to AP, the initial framework agreement — which was never signed — envisaged a jointly managed investment fund with revenues from Ukraine’s natural resources used to rebuild the war-torn country.
The new draft reportedly expands on that plan but raises questions over Ukraine’s role in managing the fund.
“We’re very focused on ensuring that the final draft of the agreement, after negotiations, fully aligns with our strategic interests,” Svyrydenko said.
Svyrydenko added that the work on the previous memorandum had shown both sides were capable of reaching those goals and agreeing on mutually acceptable terms.
As of Friday, a well-informed source told the Kyiv Post that no agreement had yet been reached regarding the Ukrainian delegation’s travel to the US.
Ukraine plans to seek changes to a draft mineral resources agreement with the United States, aiming to secure more American investment, a source familiar with the talks told Bloomberg.
A copy of the draft reviewed by Bloomberg would give the US control over all major infrastructure and mineral investments in Ukraine, with no set expiration date.
Kyiv fears the deal could undermine its EU membership goals and force repayment of US military and economic aid provided since the war began.
The proposal would give Washington significant influence over key sectors of Ukraine’s economy – including mining, oil and gas, and infrastructure – and first claim on profits placed into a US-controlled reconstruction fund. The fund counts all American aid to Ukraine since 2022 as part of its assets.
On March 28, Ukrainian officials held a video call with US counterparts to seek clarification on the 60-page draft. US officials did not reject Kyiv’s concerns, particularly regarding the deal’s compatibility with EU integration, the source said.
Ukraine is preparing final proposals for amendments. Opposition lawmaker Yaroslav Zheleznyak called the terms “downright HORRIBLE,” saying they demand more resources than before and offer no security guarantees.
After a security summit in Paris on Thursday, Zelensky said the deal should be reviewed by lawyers and ratified by the Verkhovna Rada before signing. “America is now changing these rules and immediately offering a full agreement, and a full agreement requires detailed study,” he said.