Ukraine, US Nearing Landmark Minerals Deal, Seeking “Economic Security Guarantee”

Ukraine and the United States are on the verge of finalizing a significant agreement concerning mineral resources, with both sides expressing hope for a swift signing and long-term commitment, Bloomberg reports.

Ukrainian Deputy Prime Minister Olga Stefanishyna announced the near completion of negotiations on Monday, stating on social media platform X that “nearly all key details” have been finalized.

“We hope both US and Ukraine leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come,” she added.

The deal, primarily focused on mineral resources, is being touted as an “economic security guarantee” by the US, as described by Treasury Secretary Scott Bessent on Fox News’s Sunday Morning Futures. Bessent believes the agreement could help propel Ukraine onto a “great growth trajectory.”

However, sources familiar with the negotiations reveal that Ukraine has been pushing for more concrete security guarantees alongside the economic cooperation. Despite Washington dismissing a formal military guarantee, Kyiv included language concerning such guarantees in the minerals deal, according to the source.

Ukrainian Prime Minister Denys Shmyhal emphasized the importance of both “security guarantees and economic cooperation” in ongoing discussions with the US. He said that Ukraine envisions a 50-50 investment in a dedicated fund, with Kyiv contributing future income from state enterprises and resource extraction.

While US Treasury Secretary Bessent framed the agreement as an “economic security guarantee,” National Security Advisor Michael Waltz clarified on Monday that “security guarantees for Ukraine is a different conversation.”

An additional detailed agreement is expected to be negotiated following the initial signing, which will determine the fund’s setup and operational mechanics. Shmyhal also stressed the importance of ensuring that the agreement does not conflict with existing agreements Ukraine has with the European Union, the International Monetary Fund, and the World Bank.

The focus on an economic security guarantee appears to be a shift from earlier discussions, with Ukrainian leader Volodymyr Zelensky previously rejecting the notion that American companies operating in Ukraine would suffice as a form of security.