Ukraine and US Set to Sign Landmark Minerals Deal Within Next 24 Hours

Prime Minister Denys Shmyhal confirmed that Ukraine is poised to sign a minerals agreement with the United States within the next 24 hours.

The agreement is part of a broader initiative to strengthen bilateral cooperation on Ukraine’s development and reconstruction.

Speaking at a telethon on April 30, Shmyhal outlined that after the minerals agreement is signed, two additional technical agreements will follow. These will focus on the creation of a joint investment fund and its subsequent financing and replenishment.

“This is a truly equal, good international agreement on joint investments in the development and restoration of Ukraine between the United States government and the government of Ukraine,” Shmyhal stated. He added that the negotiating teams are in the final stages of finalizing the agreement’s details.

The agreement calls for the establishment of an investment fund, with a 50/50 distribution of contributions and management between the US and Ukraine.

These contributions will be made in monetary form, with the United States potentially counting its new assistance to Ukraine as part of its contribution.

Shmyhal clarified that Ukraine will maintain control over its resources, specifying that subsoil, infrastructure, and natural resources are not part of the deal. Ukraine’s contribution will come from new mineral licenses and rents, which will account for 50% of the fund.

The fund will focus on investing in Ukraine’s reconstruction projects for a period of 10 years. Additionally, the minerals agreement will grant both Ukraine and the US exemptions from customs duties and taxes.

In related news, Keith Kellogg, the US President’s special envoy to Ukraine, rejected Russian leader Vladimir Putin’s proposal for a temporary ceasefire during Russia’s Victory Day celebrations, calling it “absurd.”

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