The Ukrainian government on April 18 published the text of a recently signed memorandum outlining a pending minerals agreement with the United States.
The memorandum says that the future deal lays the foundation for establishing a joint reconstruction investment fund as part of an economic partnership between the two governments.
According to the document, Prime Minister Denys Shmyhal will travel to Washington on April 21 to meet with U.S. Treasury Secretary Scott Bessent and facilitate the final phase of negotiations on the terms of an agreement establishing a reconstruction investment fund.
The memorandum says that technical discussions should be completed by April 26, with the goal of signing the agreement shortly thereafter.
The text emphasizes the United States' respect for Ukraine's EU integration efforts and obligations to international financial institutions, noting that the minerals deal will not conflict with Kyiv's European path.
The clash between Washington's earlier demands and a critical raw materials partnership signed between Brussels and Kyiv in 2021 has been one of the key sticking points in the talks.
The memorandum also acknowledges Ukraine's past contribution to global security by voluntarily surrendering the world's third-largest nuclear arsenal. The document made no mention of potential U.S. security guarantees for Ukraine.
After the collapse of the Soviet Union, Ukraine inherited the world's third-largest nuclear arsenal. Kyiv voluntarily gave up these weapons under the 1994 Budapest Memorandum, in exchange for security assurances from the U.S., U.K., and Russia.
Deputy Prime Minister and Economy Minister Yuliia Svyrydenko confirmed on April 17 that the memorandum represents "a step towards a joint Economic Partnership Agreement."
Svyrydenko said negotiations have made "significant progress," though further work is required to finalize the text, secure signatures, and ratify the agreement in both parliaments.
The deal has been under discussion for months and became a point of tension between President Volodymyr Zelensky and U.S. President Donald Trump, who got into a heated argument in the White House on Feb. 28 when the deal was set to be signed by the two leaders.
Trump told reporters on April 17 that the agreement could be signed as early as April 24, a date conflicting with the timeline outlined in the memorandum.
Bessent said earlier this month that the deal would demonstrate Washington's commitment to Ukraine as an economic partner and could serve as leverage in pushing Russia toward negotiations to end its war.
Martin Fornusek
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