Mineral deal finalized with US, Kyiv says – DW – 02/26/2025

Ukrainian Prime Minister Denys Shmyhal said Kyiv and Washington have prepared a final version of a deal to extract Ukraine’s rare minerals.

He said the agreement was directly connected to security guarantees for Ukraine and involves the creation of a joint investment fund.

Shmyhal said the US supports “Ukraine’s efforts to obtain security guarantees to build lasting peace.”

The Ukrainian government will authorize the agreement later on Wednesday, he added.

The Kremlin is preparing for further high-level talks with the United States, a spokesperson said on Wednesday.

Dmitry Peskov told reporters that there was an understanding between presidents Vladimir Putin and Donald Trump would follow up on an earlier call with an in-person meeting.

“Contacts are being prepared at the expert level through the ministries of foreign affairs,” Peskov said, without providing any specific details on when a meeting could happen.

Meanwhile, President Trump has been pushing for an agreement on a minerals deal with Ukraine, to compensate the US for the billions of dollars of military aid it had provided since Russia’s full-scale invasion.

Peskov acknowledged Russia was aware that Ukrainian President Volodymyr Zelensky could travel to Washington on Friday to sign a deal.

“So far there are no official statements on this matter. We have only heard that Zelensky seemed to be going to Washington on Friday,” he added. “There will probably be attempts to make this visit somewhat substantive.”

A broad economic deal, centered on Ukraine’s rare earth minerals, has been reached between the United States and Ukraine, according to three senior Ukrainian officials.

Multiple news agencies reported the deal was nearing completion. Speaking on the condition of anonymity, one Ukrainian official said that Kyiv is hoping by signing the agreement it will ensure continued miliatry support for Ukraine.

According to Yuri Sak, an adviser to Ukraine’s ministry of strategic industries, the minerals deal was initally Ukraine’s idea.

Speaking to BBC Radio 4’s Today program, Sak said: “We included it in our victory plan earlier, which was presented by our president to the US and the rest of our partners in 2024.”

He added: “Very soon we’ll get used to the very unusual nature of this negotiating process. At the same time, we are not a nation of freeloaders, we understand that this war has lasted for three years and the time has come to switch to a slightly different narrative.”

US President Donald Trump has said that he was expecting Ukrainian counterpart Volodymyr Zelenskyy to visit Washington on Friday to sign a “very big deal.”

Zelenskyy had rejected Trump’s demand for $500 billion in valuable minerals, far exceeding the $60 billion in US military aid to Ukraine since Russia’s full-scale invasion. The demand is no longer included in the draft agreement.

The deal, however, does not provide the security guarantees Ukraine wanted. While the draft mentions “security,” it doesn’t specify the US role. One official said that the two presidents will discuss this when they meet.

Trump, speaking to reporters in the Oval Office on Tuesday, said he’d heard that Zelenskyy was coming and added that “it’s okay with me, if he’d like to, and he would like to sign it together with me.”