First steps: Ukraine and US sign memorandum on minerals deal

Ukraine and the United States on Thursday signed a "memorandum of intent" to move forward with a fraught deal for US access to Kyiv's natural resources and critical minerals, Kyiv said.

"We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine," Ukraine's first deputy prime minister Yulia Svyrydenko said on X.

Kyiv and Washington had planned to sign a deal on extracting Ukraine's strategic minerals weeks ago, but a clash between presidents Donald Trump and Volodymyr Zelensky in February temporarily derailed work on the agreement.

Trump wants the deal -- designed to give the US royalty payments on profits from Ukrainian mining of resources and rare minerals -- as compensation for aid given to Ukraine by his predecessor, Joe Biden.

Svyrydenko did not publish details of the memorandum, but said work continued towards securing a final agreement.

"We hope that the Fund will become an effective tool for attracting investments in the reconstruction of our country, modernization of infrastructure, support for business, and the creation of new economic opportunities," she said.

"There is a lot to do, but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries."

US officials say boosting American business interests in Ukraine will help deter Russia from future aggression in the event of a ceasefire.

Kyiv is pushing for concrete military and security guarantees as part of any deal to halt the three-year war.

(AFP)