Ukraine and US sign memorandum of intent on critical minerals cooperation

Ukraine and the United States signed a memorandum of intent on a minerals agreement, according to Ukraine’s Minister of Economy Yulia Svyrydenko on X. 

The proposed deal involves establishing a joint reconstruction investment fund, which would grant the US priority access to profits from Ukraine’s critical natural resources, including graphite, lithium, titanium, beryllium, and uranium.

US officials under Trump’s administration view this arrangement as a means to recoup the extensive military and financial aid provided to Ukraine since Russia’s full-scale invasion in 2022. ​

Recently, the US reduced its estimate of aid provided to Ukraine from $300 billion to approximately $100 billion during ongoing negotiations over a minerals deal. This adjustment aligns more closely with Ukraine’s own estimate of over $90 billion.

However, Ukrainian President Volodymyr Zelenskyy expressed concerns over the lack of security guarantees and stated that Ukraine will not recognize previous US military aid as debt, insisting on equal partnership in the management of the investment fund.

The memorandum of intent was signed virtually, with Svyrydenko representing Ukraine and US Treasury Secretary Scott Bessent signing for the American side.

The memorandum represents an interim step before finalizing and signing the full minerals agreement, which will subsequently require ratification by Ukraine’s parliament, the Verkhovna Rada.

“The agreement will open opportunities for significant investments, infrastructure modernization, and mutually beneficial partnership between Ukraine and the United States,” said Svyrydenko.

Earlier, US President Donald Trump expressed optimism about the timeline, suggesting the final minerals agreement could be signed as soon as 24 April.

The path to this agreement has not been without complications. Following a public disagreement between Trump and Zelenskyy in the Oval Office, the Trump administration reportedly sought to revise the deal to make it “bigger and better,” with initial proposals allegedly including US control over Ukrainian nuclear power plants.

On 28 March, Ukraine confirmed receiving a new draft from the US.

In her X post, Svyrydenko wrote that Ukraine is preparing to establish a Reconstruction Investment Fund. According to details published by Ukrainian lawmaker Yaroslav Zhelezniak, the proposal would give the US a majority control in the fund management, with three out of five members. The draft reportedly stipulates that all new investment projects would first be offered to the American side, and any changes would require US agreement.

Zhelezniak indicated that the current text does not include provisions about nuclear power plants or ports, focusing instead on extraction activities by both state and private companies.

However, he noted that the draft also lacks explicit security guarantees from the United States.

Some Ukrainian officials described the agreement as “unfair” and akin to “robbery,” worrying that it could undermine national sovereignty, direct profits abroad, and deepen dependence on Washington.

Meanwhile, President Zelenskyy pledged transparency, promising to communicate with the public if the new minerals agreement contains what he termed “risky things.” He has also assured that Ukraine would not sign any document that could jeopardize the country’s path to European Union membership.