Ukrainian First Deputy Prime Minister Yulia Svyrydenko announced that Ukraine and the United States have made significant headway in negotiations over a minerals agreement, with a memorandum set to be signed soon.
The deal is part of U.S. President Donald Trump’s broader strategy to end the war in Ukraine and recoup some of the billions of dollars Washington has spent on military aid since Russia’s invasion began in 2022.
While Trump views the potential agreement as a way to recover U.S. expenditures, Ukrainian President Volodymyr Zelenskyy has made it clear that Ukraine will not retroactively classify American military aid as loans.
“Our technical teams have worked very thoroughly together on the agreement, and there is significant progress,” Svyrydenko said in a post on X (formerly Twitter). “Our legal staff has adjusted several items within the draft agreement.” She added that both sides have agreed to sign a memorandum in the near future as a first step to formalize the progress.
In a notable shift, the U.S. has also revised its estimate of total assistance provided to Ukraine since the start of the war, reducing the figure from $300 billion to approximately $100 billion.
Last month, the Trump administration proposed a broader minerals deal that, while offering no future security guarantees to Ukraine, would require the country to channel all income from state and privately managed natural resource extraction into a joint investment fund. The plan has sparked debate in Kyiv, particularly over its implications for Ukraine’s economic sovereignty.
Svyrydenko did not disclose specifics about the pending agreement but noted it would need to be ratified by Ukraine’s parliament and is expected to foster economic growth for both nations.
