KYIV -- The Ukrainian government said it is still considering a draft agreement from the United States on the country's minerals amid media reports Washington has changed the terms of the deal several times.
Ukrainian Economy Minister Yulia Svyrydenko announced at a government meeting that Kyiv is forming its position on the agreement but lawmakers would only state their stance once there was consensus. Before then, she said, public discussion would be harmful.
As the United States has been engaging in shuttle diplomacy to bring peace to Ukraine, US President Donald Trump said on March 24 that he expected the two countries would soon sign a minerals and natural resources deal.
Speaking to Reuters, Mykhaylo Podolyak, a senior adviser to Ukrainian President Volodymyr Zelenskyy, said that the draft agreement had yet to be finalized.
The news agency said that, according to three people familiar with the talks, the latest draft gives Ukraine no future security guarantees and requires it to contribute all income from the use of natural resources managed by state and private enterprises to a joint investment fund.
"Consultations are still happening at the level of the various ministries," Podolyak said.
Ukraine possesses significant deposits of critical minerals, including rare earths, although their exact size remains uncertain. Rare earth minerals are highly valued for their use in defense technologies, as well as in devices such as computers, smartphones, and batteries.
Recouping US Support
Last month, Ukraine and the United States reached a comprehensive agreement to develop Ukraine's vital mineral resources. The agreement was part of Trump's efforts to end the war and recoup some of the tens of billions of dollars the US has given Ukraine in financial and military aid since Russia's full-scale invasion in 2022.
Following a contentious meeting between Trump and Zelenskyy at the White House on February 28, attempts to finalize the agreement collapsed.
At the heart of the original deal was a joint fund that would be financed by future profits from the extraction of valuable minerals in Ukraine.
It is not clear whether the terms of the minerals deal have changed or whether it will include the security guarantees for Ukraine that Zelenskyy has pushed for.
The Ukrainian president said on March 27 that the United States was "constantly" altering the terms of the proposed agreement, though he added that he did not want Washington to believe that Kyiv was opposed to it.
The London-based Financial Times reported on March 27 that the new draft agreement goes far beyond the first agreement and would cover all mineral resources, including oil and gas, and major energy assets across Ukraine.
In comments on X on March 28, Svyrydenko said that, given the importance of the agreement, "it is crucial for us to have a constructive dialogue with our American partners."
