Ukraine has approved the terms of a mineral agreement with the US, and the deal may be signed as soon as this week, officials in both nations confirmed on Tuesday.
The US would "jointly develop" Ukraine's enormous mineral resources under the agreement, and revenues would be channeled into a new "joint fund for Ukraine and America," said a Ukrainian official to AFP.
The draft contains a mention of "security," but no detailed US commitments—a central Ukrainian demand.
"There is a general sentence saying that America will invest in a stable, prosperous, and sovereign Ukraine, that it believes in lasting peace, and that it welcomes initiatives to ensure security. The government is now putting in the fine print," said the official.
Ukrainian President Volodymyr Zelensky will sign the agreement on a visit to Washington, potentially as early as Friday.
US President Donald Trump later confirmed Zelensky's visit, referring to the agreement as a "very big deal."
"I hear that. I hear that he's coming on Friday. He wants to sign it with me, and I can understand that. It's a big deal, a very big deal," Trump said to White House reporters.
The US has dropped provisions unfavorable to Kyiv, including a contentious mention of a "$500 billion" valuation, the Ukrainian official said.
Zelensky had already dismissed Trump's request for $500 billion in worth of Ukraine's precious minerals—vital to industries like aerospace and electric vehicles—on the grounds that the amount greatly surpassed the $60 billion in military aid the US has delivered since Russia launched its full-scale invasion in February 2022.
Asked what in turn Ukraine would receive, Trump sidestepped giving a straightforward reply. Rather, he was quick to blast the previous administration led by Joe Biden for "dishing out money like cotton candy."
After it gets inked, the deal will alter the economic structure of Ukraine's post-conflict scenario along with fortifying Washington's strategic link with Kiev.
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