Ukraine and the U.S. said on Wednesday they were ready to sign a minerals deal imminently after months of sometimes fraught negotiations, but an eleventh-hour snag injected uncertainty into the timing.
“Our side is ready to sign. The Ukrainians decided last night to make some last-minute changes,” U.S. Treasury Secretary Scott Bessent told reporters at the White House.
“We’re sure that they will reconsider that, and we are ready, if they are.”
A Ukrainian official was on the way to Washington for the signing. But a source said the U.S. was pushing Ukraine to sign two additional documents, and that Kyiv felt it was premature.
Bessent denied the U.S. made any attempt to change the accord to which the two sides had agreed over the weekend.
The agreement, which would give the United States access to Ukraine’s minerals deposits, is central to Kyiv’s efforts to mend ties with U.S. President Donald Trump and the White House as Trump tries to secure a peace settlement in Russia’s war in Ukraine.
Two sources told Reuters the signing could happen later on Wednesday. Ukraine’s First Deputy Prime Minister Yulia Svyrydenko was flying to the United States to sign the deal, the country’s prime minister said earlier.
A draft of the main minerals agreement seen by Reuters showed Ukraine had secured the removal of any requirement for it to pay back the U.S. for past military assistance, something Ukraine had staunchly opposed.
Washington has been Ukraine’s single largest military donor since Russia’s 2022 invasion with aid of more than 64 billion euros ($100Â billion Cdn), according to the Kiel Institute in Germany.
Trump repeated on Wednesday that the U.S. should get something for its prior aid to Kyiv, thus the effort to secure a deal for Ukraine’s plentiful deposits of rare earth minerals.
For The National, CBC’s Chris Brown visited a titanium quarry west of Kyiv to learn more about the natural resources U.S. President Donald Trump wants a piece of.
“I assume they’re going to honour the deal…. We haven’t really seen the fruits of that deal yet. I suspect we will,” Trump said after a cabinet meeting on Wednesday.
Ukrainian officials hope that signing the deal promoted by Trump will firm up American support for Kyiv in the more than three-year-old war.
The draft agreement gives the U.S. preferential access to new Ukrainian natural resources deals but does not automatically hand Washington a share of Ukraine’s mineral wealth or any of its gas infrastructure, the draft showed.
“Indeed, it is a strategic agreement…. It is a truly equal, good international agreement on joint investments in the development and recovery of Ukraine,” said Ukrainian Prime Minister Denys Shmyhal.
The draft did not specify any concrete U.S. security guarantees for Ukraine, one of Kyiv’s initial goals. Separately, Ukraine has discussed with European allies the forming of an international force to help ensure Ukraine’s security if a peace agreement is reached with Russia.
Creation of joint reconstruction fund
The minerals draft sets out the creation of a joint U.S.-Ukrainian fund for reconstruction, which will receive 50 per cent of profits and royalties accruing to the Ukrainian state from new natural resources permits in Ukraine.
The draft does not spell out how the joint fund’s revenues will be spent, who benefits or who controls decisions about the spending.
Shmyhal said in televised comments that once the main agreement was signed, the two sides would agree two further technical and supplementary documents outlining issues such as how the funds are accumulated.
He said Ukraine would retain control of all its resources in the deal, while the fund will invest in the development of Ukraine for 10 years.
“Ukraine will only make a contribution from new licenses, from new royalties on mineral resources. This will be our contribution, 50 per cent of which will be given to this fund,” he said.
The U.S. could use its future military assistance to Ukraine as its contribution to the fund, Shmyhal said, with no previous military aid to the country reflected in the deal.
The two sides signed a memorandum, published on April 18, as an initial step toward clinching an accord on developing mineral resources in Ukraine. In the memorandum, they said they aimed to complete talks by April 26 and to sign the deal as soon as possible.
Trump and officials in his administration threatened this month to walk away from efforts to broker a peace deal between Russia and Ukraine unless there were clear signs of progress soon.
