US and Ukraine Move Closer to Minerals Deal in Strategic Partnership Push

Memorandum of Intent Signed Ahead of Potential Full Agreement

The United States and Ukraine have signed a memorandum of intent aimed at securing a future economic partnership focused on Ukraine’s natural resources and energy assets.

Officials say the agreement, signed virtually by Ukraine’s Economy Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent, marks a “constructive step forward” towards finalising a full deal by as early as 26 April.

“This memorandum reflects the strong joint effort and shared intention to build a partnership that benefits both nations,” said Svyrydenko.

Deal Could Unlock Major Investment and Infrastructure Modernisation

The proposed agreement is expected to pave the way for significant US investment in Ukraine’s critical mineral reserves and energy sector. Ukrainian officials believe the final deal would help modernise key infrastructure and deepen long-term economic ties with the US.

While not the final agreement, the memorandum represents a renewed effort to get talks back on track following delays caused by tense exchanges between Presidents Zelenskyy and Trump earlier this year.

Security Concerns and Sovereignty at the Heart of Talks

Though both sides have signalled progress, negotiations remain delicate. Ukraine has expressed concerns over earlier drafts of the deal, which granted the US preferential access to all mineral resources — including oil and gas — without offering security guarantees in return.

A leaked US proposal sparked backlash in Kyiv, with senior Ukrainian officials warning it could undermine national sovereignty, divert profits abroad, and create long-term dependency on Washington.

In response, Ukraine brought in international law firm Hogan Lovells to help renegotiate key terms. Deputy Prime Minister Olha Stefanishyna is leading the effort on Ukraine’s side.

Tensions Behind the Scenes

Sources say Kyiv has managed to scale back some of the more controversial demands, although exact changes haven’t been disclosed while talks continue. The situation is so sensitive that President Zelenskyy launched an internal investigation into the leak of US proposal details — even including polygraph tests on government officials.

The revised deal will still need to be approved by Ukraine’s parliament, the Verkhovna Rada, once final terms are agreed.

What’s Next?

US President Donald Trump said he expects the final agreement to be signed “next Thursday”, though US officials later clarified this may be a progress report rather than a completed deal. Both sides are working to meet the 26 April target following a scheduled visit by Ukrainian Prime Minister Denys Shmyhal to Washington.

Trump has framed the proposed agreement as compensation for the billions in US military aid provided under Joe Biden’s administration. However, Ukraine is seeking a more balanced arrangement that supports economic growth while preserving control over its national assets.

Sources: (BBC.co.uk, FT.com)