Ukraine and US sign memorandum of intent on critical minerals cooperation

Apr 18, 2025 - 03:00

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Ukraine and the United States signed a memorandum of intent on a minerals agreement, according to Ukraine’s Minister of Economy Yulia Svyrydenko on X.

The proposed deal involves establishing a joint reconstruction investment fund, which would grant the US priority access to profits from Ukraine’s critical natural resources, including graphite, lithium, titanium, beryllium, and uranium.

US officials under Trump’s administration view this arrangement as a means to recoup the extensive military and financial aid provided to Ukraine since Russia’s full-scale invasion in 2022.

Recently, the US reduced its estimate of aid provided to Ukraine from $300 billion to approximately $100 billion during ongoing negotiations over a minerals deal. This adjustment aligns more closely with Ukraine’s own estimate of over $90 billion.

However, Ukrainian President Volodymyr Zelenskyy expressed concerns over the lack of security guarantees and stated that Ukraine will not recognize previous US military aid as debt, insisting on equal partnership in the management of the investment fund.

The memorandum of intent was signed virtually, with Svyrydenko representing Ukraine and US Treasury Secretary Scott Bessent signing for the American side.

The memorandum represents an interim step before finalizing and signing the full minerals agreement, which will subsequently require ratification by Ukraine’s parliament, the Verkhovna Rada.

“The agreement will open opportunities for significant investments, infrastructure modernization, and mutually beneficial partnership between Ukraine and the United States,” said Svyrydenko.