US and Ukraine agree to jointly develop mineral resources – FT
25 February 21:28
Ukraine and the United States have agreed on a minerals agreement. This was reported by the Financial Times, citing Ukrainian officials who spoke to the media on the condition of anonymity, Komersant ukrainskyi reports.
The media outlet writes that the initial US demands for rights to potential future revenues have been removed from the agreement.
According to the revised terms, Ukraine will allocate 50% of the revenues from the future monetization of state mineral resources to a fund that invests in Ukrainian projects. The agreement is aimed at improving bilateral relations and strengthening US security commitments, although there are no explicit security guarantees in the document.
Ukrainian President Volodymyr Zelenskyy is expected to visit Washington to officially sign the agreement.
Earlier, the administration of US President Donald Trump offered to give Ukraine 50% of its rare earth minerals in exchange for security guarantees. However, Ukrainian officials said that the draft agreement does not contain such guarantees. Ukraine’s leader Volodymyr Zelenskyy expressed his readiness to work on a “serious document” if it contains specific security guarantees, but stressed that he could not “sell Ukraine.”
At the same time, Russia offered the United States an agreement on critical minerals, coinciding with the completion of negotiations between the United States and Ukraine on a minerals agreement. Russian President Vladimir Putin said he was ready to discuss terms that could be mutually beneficial for both sides.
What does the new version of the agreement on minerals between Ukraine and the United States provide for?
- Establishment of an investment fund to which Ukraine will transfer 50% of the proceeds from the “future monetization” of minerals, including oil and gas.
- The fund will invest in projects in Ukraine.
- The agreement excludes minerals that are already profitable for Ukraine, and will not apply to the activities of Naftogaz and Ukrnafta.
