Kyiv, Ukraine: Ukraine’s government has signed a Memorandum of Intent with the United States, outlining potential minerals deal that could pave the way for deeper economic cooperation and post-war reconstruction support.
The announcement was made by Ukrainian Economy Minister Yulia Svyrydenko, who described the agreement as a precursor to an Economic Partnership Agreement.
The proposed deal would include the creation of an investment fund aimed at rebuilding Ukraine’s infrastructure and economy. Svyrydenko shared the news with a post on X, accompanied by photos showing her and US Treasury Secretary Scott Bessent signing the document separately.
Svyrydenko wrote that, “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.”
The signing of the deal was conducted virtually, with Bessent confirming that the final deal, still under negotiation, is expected to be an 80-page document that closely mirrors a previous memorandum of understanding.
Bessent said that, “It’s substantially what we’d agreed on previously. When the President (Volodymyr Zelensky) was here, we had a memorandum of understanding. We went straight to the big deal.”
Previous clash
The deal was previously delayed due to a public shouting match between US President Donald Trump and Ukrainian President Volodymyr Zelensky during a tense meeting at the White House in February. That altercation had temporarily derailed talks.
US President Donald Trump alluded to the upcoming agreement during a recent press conference with Italian Prime Minister Giorgia Meloni.
Trump mentioned that a minerals deal was expected to be signed soon, possibly the following Thursday, and added that he assumed the parties involved would honour the agreement.
While the White House has not yet released further information regarding the timing or details of the agreement, Reuters reported that the memorandum sets the stage for US access to Ukraine’s critical minerals, oil, and gas.
The agreement also envisions the creation of a joint investment fund for Ukraine’s reconstruction, to be managed equally by Kyiv and Washington.
President Zelensky had hoped the partnership could also include a US security guarantee for Ukraine in the event of a future ceasefire with Russia.
However, those plans were thrown off course following the February clash with Trump. Despite the setback, officials from both countries are now aiming to finalize the deal as early as next week.
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