'Significant progress' — Ukraine, US to conclude minerals deal in 'near future,' Deputy PM says

U.S. and Ukrainian negotiators have made "significant progress" in talks on a minerals deal, which will be concluded in the "near future," Deputy Prime Minister and Economy Minister Yuliia Svyrydenko said on April 16.

"Our technical teams have worked diligently on the agreement. We've made significant progress, and the legal teams have ensured the appropriate emphasis in the draft. I extend my thanks to the negotiators on both sides," Svyrydenko said on Facebook.

The statement follows consultations between U.S. and Ukrainian delegates in Washington on April 11 and 12, which were meant to hash out details of the long-debated deal on Ukraine's natural wealth.

While initial reporting indicated the talks began in an "antagonistic atmosphere," President Volodymyr Zelensky later said the round of discussions concluded in a "positive mood."

"We have now agreed with the U.S. side to affirm this positive development by a relevant memorandum of intent — we are preparing a formal conclusion of the deal in the near future," the deputy prime minister noted.

According to earlier reporting, the U.S. proposal would grant extensive control to a joint investment fund managed by Washington, with no offer of security guarantees in return. The Trump administration has framed the deal as a way to recoup the billions of dollars in military and financial aid provided to Ukraine since the start of Russia's full-scale invasion in 2022.

Bloomberg reported earlier on April 16 that the U.S. has softened its "maximalist" demands, lowering the payback it seeks for the provided aid from $300 billion to $100 billion. While the latter sum is closer to Kyiv's estimates of the supplied assistance, President Volodymyr Zelensky has stressed that Ukraine does not see the aid sent by the Biden administration as debt.

Speaking to Bloomberg, U.S. Treasury Secretary Scott Bessent nevertheless said that the negotiators are "very close" and the deal could be finalized as early as this week.

"The teams will continue to work on the details, a lot has been worked out," Svyrydenko said.

"The agreement will be subject to ratification by the Ukrainian parliament and will provide opportunities for investment and development in Ukraine and ensure conditions for tangible economic growth both in Ukraine and the U.S."

The original framework agreement was expected to be signed during Zelensky's visit to Washington on Feb. 28, but the plan fell apart following a heated Oval Office dispute with U.S. President Donald Trump and Vice President JD Vance. Zelensky left without finalizing the deal.

Ukraine has since hired the American-British law firm Hogan Lovells to advise on the negotiations.

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