In a historic move, the United States and Ukraine are on the verge of signing a long-awaited minerals deal, following recent meetings between Ukrainian Prime Minister Denys Shmyhal and US Treasury Secretary Scott Bessent. The discussions have seen some last-minute changes requested by Kyiv, reflecting Ukraine’s need for long-term support from Washington.
Details of the Minerals Deal
According to Shmyhal, the minerals accord will pave the way for significant investments in Ukraine’s recovery and development. He expressed optimism on a recent television appearance, stating, “This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine.”
- The deal is expected to create a 50/50 joint investment fund between Kyiv and Washington.
- This fund will not be linked to previous debts related to the assistance provided by the US under former President Joe Biden.
- Negotiations aim to ensure the equality of both parties involved.
Historical Context and Political Implications
This agreement marks a shift in Ukraine’s approach towards securing US investment. Initially hesitant, Ukraine has now recognised the vital importance of collaborating on its rich mineral resources, especially in light of the ongoing conflict with Russia.
US President Donald Trump has indicated a strong interest in Ukraine’s mineral wealth, vital for new technologies, and has made it clear that this deal is a key component of US support. During a recent cabinet meeting, he emphasised the importance of an American presence in Ukraine, stating it would deter adverse actions from “bad actors” in the region.
Next Steps
As negotiations continue, both sides aim to finalise the agreement swiftly. Bessent stated, “We’re sure that they will reconsider that, and we are ready to sign this afternoon if they are.” The urgency highlights the pressing need for Ukraine to secure international support in its ongoing struggle.
With legal teams working diligently on the final drafts, hopes remain high that this deal could rapidly transform Ukraine’s economic landscape, ensuring long-term stability amidst ongoing tensions.