Faith Nyasuguta
Ukraine and the United States have signed a “memorandum of intent” to move forward with a significant deal that would grant the U.S. access to Ukraine’s critical minerals and natural resources. The announcement came on Thursday, marking a renewed step in economic cooperation between the two countries as Ukraine continues efforts to rebuild after three years of war.
Ukraine’s First Deputy Prime Minister Yulia Svyrydenko shared the news on X, stating that the memorandum lays the groundwork for a broader Economic Partnership Agreement and the creation of an Investment Fund for Ukraine’s reconstruction. “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,” she said.
According to the text of the memorandum, released by the Ukrainian government on Friday, the goal is to finalize negotiations by April 26 and proceed with a formal signing shortly thereafter. Ukrainian Prime Minister Denys Shmyhal is scheduled to visit Washington early next week to meet with U.S. Treasury Secretary Scott Bessent and continue discussions on the agreement.
The deal, which focuses on strategic resources and rare minerals essential for modern technologies, had previously stalled due to political tensions. In February, a disagreement between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky delayed the original timeline. Trump is reportedly pushing for the U.S. to receive royalty payments from Ukraine’s mining profits, positioning the deal as a form of reimbursement for military aid sent by his predecessor, Joe Biden.
While Svyrydenko did not disclose full details of the memorandum, she emphasized that the Investment Fund could be instrumental in attracting international investors, modernizing Ukraine’s infrastructure, supporting businesses, and creating new economic opportunities.
U.S. officials argue that increased American business presence in Ukraine could help deter future Russian aggression, particularly if the current war ends in a ceasefire. As part of ongoing negotiations, Kyiv is also seeking firm military and security guarantees from Washington.
Despite earlier setbacks, both sides now appear eager to complete the agreement, which they see as mutually beneficial, linking Ukraine’s recovery to broader U.S. strategic and economic interests in the region.
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