US to sign minerals deal with Ukraine 'very shortly,' Trump says
The United States expects to sign an agreement with Ukraine on access to critical minerals and natural resources "very shortly," U.S. President Donald Trump said on March 20.
The two nations had previously planned to sign a minerals deal on Feb. 28, but the plan was derailed after a heated clash between Trump and President Volodymyr Zelensky.
In a comment during a White House event on education on March 20, Trump said the deal was back on track.
"We're doing very well with regard to Ukraine and Russia," Trump said.
"And one of the things we are doing is signing a deal very shortly with respect to rare earths with Ukraine."
Moments before his remarks, Trump signed an executive order to ramp up U.S. production of critical minerals, invoking emergency powers under the Cold War-era Defense Production Act (DPA).
Invoking the DPA suggests that U.S. reliance on mineral imports constitutes a national security threat. Trump's order calls for dramatically expanding and accelerating efforts to mine and process minerals, which may include coal.
"It's a big thing in this country," Trump said.
"And as you know we're also signing agreements in various locations to unlock rare earths and minerals and lots of other things all over the world. But in particular Ukraine."
The day before Trump's announcement, White House Press Secretary Karoline Leavitt said that the U.S. had "moved beyond" the minerals deal with Ukraine and was focusing on achieving "a lasting ceasefire."
Leavitt clarified that she was not saying the deal was off the table.
The much-anticipated minerals agreement would establish a fund to which Ukraine would contribute 50% of proceeds from the future monetization of state-owned mineral resources, including oil, gas, and logistics infrastructure.
Ukraine rejected previous versions of the deal on the grounds that they lacked concrete security guarantees. The final deal, which Kyiv approved, did not provide security assurances but did include a line that says the fund "will be reinvested at least annually in Ukraine to promote the safety, security and prosperity of Ukraine."
The White House has characterized the agreement as a way for the U.S. to "recoup" the financial aid it has directed to Kyiv since the start of Russia's full-scale invasion.
Dominic Culverwell
