Ukraine will send a delegation to Washington this week to begin talks on a new draft agreement that would grant the U.S. access to Ukraine's mineral resources, Economy Minister Yuliia Svyrydenko told the Associated Press.
The Ukrainian delegation will consist of representatives from the economy, foreign affairs, justice, and finance ministries. Svyrydenko said that the new U.S. proposal still includes plans for a fund or joint investment between the two nations.
The long-running negotiation, which has already strained ties between Kyiv and Washington, follows an attempt to finalize a framework agreement earlier this year.
Those plans were disrupted after a heated Oval Office meeting between U.S. President Donald Trump, Vice President JD Vance, and President Volodymyr Zelensky. Critics later slammed the leaked draft for potentially undermining Ukraine's control over its natural resources, including not just rare-earth minerals but also gas and oil.
Dominic Culverwell
Ukraine's mineral wealth includes strategically important resources such as titanium, lithium, and uranium, all crucial for U.S. industries like aerospace and nuclear power. However, the new draft agreement, sent by the U.S. after weeks of silence, goes beyond the original framework. It is still unclear why the U.S. opted to bypass the previous framework agreement in favor of a more comprehensive deal, which could require ratification by Ukraine’s parliament.
"What we have now is a document that reflects the position of the U.S. Treasury legal team,” Svyrydenko said on the details of the draft, noting that it represents only one side's position at this stage. "This is not a final version, it’s not a joint position." Ukraine plans to assemble a technical team to define its red lines and core principles ahead of talks with the U.S. in Washington next week.
The latest draft also includes more specifics on the proposed fund’s structure, though it remains unclear how much control Ukraine will retain.
Analysts who reviewed the leaked document suggest Kyiv's role in managing the fund would be minimal, a point Ukraine hopes to address during negotiations. The earlier framework draft proposed a jointly managed fund to support Ukraine’s post-war reconstruction, with both nations contributing revenues from key national assets, including minerals and hydrocarbons.
Svyrydenko emphasized to the Associated Press that Ukraine is focused on ensuring the final agreement aligns with its strategic interests: "I believe the work on the previous memorandum showed that both teams are capable of reaching these goals and agreeing on terms acceptable to both sides."
Timothy Ash
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