Ukraine is ready to sign an agreement that would give the US access to its valuable rare minerals in the hopes of ensuring continues American support for Kyiv in the war with Russia, senior Ukrainian officials have said.
Ukraine's economy minister and deputy prime minister, Yulia Svyrydenko, flew to Washington on Wednesday to help finalise the deal, according to two senior Ukrainian officials who spoke on condition of anonymity.
For Ukraine, the agreement is seen as key to ensuring its access to future US military aid.
"Truly, this is a strategic deal for the creation of an investment partner fund," Ukrainian Prime Minister Denys Shmyhal said on local television.
"This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine."
US President Donald Trump indicated in February that he wanted access to Ukraine's rare earth materials as a condition for continued US support in the war, describing it as reimbursement for the billions of dollars in aid Washington has given to Kyiv.
But talks on that agreement stalled after a tense Oval Office meeting between Trump and Zelenskyy in February and reaching an agreement since then has proven difficult.
It wasn't immediately clear if the Trump administration was also ready to finalise the deal Wednesday.
The US is seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas.
Rare earth minerals
Among them are Ukraine's deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.
Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
After Kyiv felt the initial US draft of the deal disproportionately favoured American interests, it introduced new provisions aimed at addressing those concerns.
According to Shmyhal, the latest version would establish an equal partnership between the two countries and last for 10 years.
Financial contributions to a joint fund would be made in cash and only new US military aid would count toward the American share.
Assistance provided before the agreement was signed would not be counted. Unlike an earlier draft, the deal would not conflict with Ukraine’s path toward European Union membership, a key provision for Kyiv.
The Ukrainian Cabinet was expected to approve the agreement’s text before it could be signed in Washington.
The deal would then need to be ratified by the Ukrainian Parliament before it could take effect.
Putin wants answers before committing to ceasefire
The negotiations come amid rocky progress in Washington's push to stop the war.
Russian President Vladimir Putin backs calls for a ceasefire before peace negotiations, "but before it's done, it's necessary to answer a few questions and sort out a few nuances," Kremlin spokesman Dmitry Peskov said.
Putin is also ready for direct talks with Ukraine without preconditions to seek a peace deal, he added.
"We realise that Washington wants to achieve quick progress, but we hope for understanding that the Ukrainian crisis settlement is far too complex to be done quickly," Peskov said during his daily conference call with reporters.
Trump has expressed frustration over the slow pace of progress in negotiations aimed at stopping the war.
Western European leaders have accused Putin of stalling while his forces seek to grab more Ukrainian land. Russia has captured nearly a fifth of Ukraine’s territory since Moscow's forces launched a full-scale invasion on 24 February 2022.
