US finalizes Ukraine minerals deal, signing possible next week, treasury secretary says
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The U.S. has finalized a minerals deal for Ukraine that could be signed next week, U.S. Treasury Secretary Scott Bessent told Fox News on March 26.
"We have passed along a completed document for the economic partnership (that) is currently being reviewed by Ukrainians, and we hope to go to full discussions and perhaps even get signatures next week," Bessent said.
Washington had initially planned to sign the agreement on Feb. 28, but the process was delayed after a heated dispute between U.S. President Donald Trump and President Volodymyr Zelensky at the White House.
Zelensky confirmed on March 25 that the U.S. had proposed a "major" minerals deal based on a previous framework agreement, but he did not specify a signing timeline. A day earlier, Trump had said he expected the deal to be signed "soon."
According to the initial version, the agreement would establish a fund to which Ukraine would contribute 50% of proceeds from the future extraction of state-owned resources, including oil, gas, and logistics infrastructure.
The version Kyiv approved earlier does not include security guarantees but says that the fund "will be reinvested at least annually in Ukraine to promote the safety, security, and prosperity of Ukraine."
Trump previously said Washington and Kyiv were discussing a deal under which the U.S. would own a Ukrainian power plant, though he did not specify which facility.
Zelensky later said he had discussed U.S. assistance in restoring the Russian-occupied Zaporizhzhia Nuclear Power Plant, the largest nuclear facility in Europe.
The White House has described the minerals deal as a mechanism for the U.S. to "recoup" some of the financial aid it has provided to Ukraine since the start of Russia's full-scale invasion.
