4 days Ago By Shivani
The United States and Ukraine have signed a memorandum of intent as the first step in a broader minerals deal currently under negotiation. The agreement will grant the US preferential access to Ukraine’s vast reserves of natural resources and critical minerals.Ukrainian President Volodymyr Zelenskyy said that the memorandum was signed online and framed it as a reflection of "positive, constructive intentions" between the two nations.
He also clarified that the proposal to sign the memorandum ahead of a full-fledged agreement came from the US side, Reuters reported. "This is a memorandum of intent. We have positive, constructive intentions," Zelenskyy said in Kyiv, adding that the full deal would require ratification by Ukraine’s parliament.
Also Read: Related News | 'Colonial Shakedown': US Demands Control Over Key Ukrainian Gas PipelineThe memorandum follows weeks of backchannel discussions and direct talks in Washington, where a Ukrainian delegation travelled last week after the Trump administration floated a more expansive version of the minerals deal. This proposed agreement includes a clause requiring Ukraine to channel revenues from state and private resource exploitation into a joint investment fund, though it does not provide any future security guarantees.Also Read: Related News | Russian Missile Hits Indian Pharma Warehouse in Kyiv, Ukraine Asks Is This Your 'Special Friendship?'Ukraine’s Economy Minister and First Deputy Prime Minister Yulia Svyrydenko noted that both sides had made “substantial progress” in the ongoing negotiations and that a final deal is expected soon, although no specific timeline was given.
The move comes as the United States reportedly revised its cost estimate for aid provided to Ukraine since Russia's 2022 invasion, lowering the figure to around $100 billion from the earlier $300 billion, according to Bloomberg News.(With Agency Inputs).
