The United States and Ukraine have initiated steps towards formalizing an economic partnership and reconstruction investment fund focused on mineral exploitation. This development follows the recent signing of a memorandum of intent, a document which outlines the framework for a forthcoming formal agreement. The memorandum was endorsed by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and U.S. Treasury Secretary Scott Bessent.
Key negotiations are scheduled to take place in Washington from April 21 to April 26. By the conclusion of this period, both parties aim to reach a comprehensive agreement. The document indicates that Ukraine’s Prime Minister Denys Shmyhal will travel to Washington, D.C. during this time to meet with Secretary Bessent, providing high-level support for finalizing the technical discussions necessary for establishing the reconstruction investment fund.
The negotiating teams are tasked with reporting their progress by April 26, 2025, with the intention of completing discussions and proceeding to sign the agreement promptly. The memorandum also addresses potential conflicts with the European Union, affirming that the United States will not interfere with Ukraine’s commitments related to EU accession or agreements with international financial institutions and creditors.
Relations between the United States and Ukraine have experienced tension recently, primarily due to U.S. President Donald Trump’s negotiations with Russian officials aimed at resolving the ongoing conflict, which have marginalized Ukrainian President Volodymyr Zelenskyy. A meeting between Zelenskyy and Trump at the Oval Office in February reportedly devolved into a heated exchange, with Trump expressing dissatisfaction over what he perceived as a lack of gratitude from Zelenskyy for U.S. support.
Meanwhile, U.S. Secretary of State Marco Rubio was in Paris to engage with European allies on various issues, including the conflict in Ukraine. Rubio conveyed to the press that without significant progress towards peace in the near term, the U.S. might reconsider its involvement in peace negotiations.