Ukraine is expected to sign a long-awaited critical minerals agreement with the United States on Wednesday that retains key gains for Kyiv compared to previous draft proposals, according to a draft of the pact viewed by Kyiv Post.
Ukrainian Economy Minister Yulia Svyrydenko arrived in Washington earlier on Wednesday in hopes of signing the agreement. The Ukrainian Cabinet is legally required to ratify the pact and is ready to approve it as soon as possible, a government source confirmed to Kyiv Post.
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The deal – which US President Donald Trump has described as “money back” for American aid to Ukraine – will see Kyiv and Washington jointly invest in Ukraine’s rich but underdeveloped resources through a 50/50 fund.
According to the current agreement, Ukraine will retain full ownership of all assets, including subsoil resources. Revenue sharing will be restricted to new licenses only, not legacy contracts.
Profits from the critical minerals, oil, and gas industries will be included, but state-owned companies like Ukrnafta will remain under Ukrainian control.
The Fund will finance reconstruction efforts, with both sides contributing – including via future US military aid in the form of air defense, a notable change from the last deal draft.
Ukrainian President Volodymyr Zelensky recently announced a desire to purchase 10 Patriot air defense systems, but it is unclear whether these systems are part of the agreement.
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The agreement includes provisions that seek to lay out how further American investment in the development of these critical industries and related technologies serves a commitment to Ukraine’s secure and peaceful future.
All funds from the agreement can be exclusively invested in Ukraine, although revenues are not expected to be earned from the Fund for at least a decade.
The new deal does not include any debt obligations from Ukraine to the US – a heated point of contention that was originally sensationalized by Trump’s fully-debunked claim that the US had given Kyiv $350 billion since the start of the full-scale invasion.
“It ensures the equality of the parties,” the official said. “An investment fund will be created to invest in reconstruction.” AFP’s source also stressed that the agreement is not tied to any “debts” for past assistance.
Talks around the deal had stalled after a sharp exchange between Trump and Zelensky at the White House on Feb. 28, but appear to be back on track.
Kyiv and Washington successfully signed a memorandum of intent on April 17, a document that Svyrydenko said, “paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine.”
Ukrainian Prime Minister Denys Shmyhal headed a Ukrainian delegation last week to finalize the terms of the agreement, as stipulated in the memorandum.
Washington has argued that expanding US commercial interests in Ukraine’s reconstruction would bolster its security posture and help deter further Russian aggression – particularly in the event of a ceasefire. But Kyiv continues to push for formal defense commitments alongside economic deals.
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