Ukrainian first deputy prime minister Yulia Svyrydenko said on Wednesday that Ukraine and the United States have made substantial progress in their talks on a minerals deal and will sign a memorandum in the near future.
President Donald Trump of the United States is seeking a bilateral minerals deal as part of his push to end Ukraine’s war against the Russian invasion.
The US president also sees the deal as a way to recover billions of dollars the US has spent on military assistance to Ukraine.
Ukrainian President Volodymyr Zelenskyy has said that Ukraine would not recognise past US military aid as loans.
“Our technical teams have worked very thoroughly together on the agreement, and there is significant progress. Our legal staff has adjusted several items within the draft agreement,” Svyrydenko said on X.
She added that the work on the deal would continue and that both sides agreed to sign a memorandum in the near term as the first stage to record the progress.
Meanwhile, the US has reduced its cost estimate for the assistance provided to Ukraine since Russia’s invasion in 2022 to about $100 billion from $300 billion.
Recall that last month, the Trump’s administration proposed a new, more expansive minerals deal, which gives Ukraine no future security guarantees but requires it to place in a joint investment fund all income from the exploitation of natural resources by state and private enterprises across Ukrainian territory.
Svyrydenko, without providing more details, said the future agreement would require ratification in Ukraine’s parliament and was expected to help economic growth in both countries.
“It will create opportunities for investment and development in Ukraine and establish conditions for tangible economic growth for both Ukraine and the United States,” she said.
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