Ukraine and US ‘yet to agree on security pledges’ in minerals deal

Kyiv — Ukraine said on Wednesday Washington would commit to supporting Kyiv’s efforts to obtain security guarantees under a finalised minerals deal the two nations have wrangled over for two weeks, but the Americans offered no security pledges of their own.

The deal is at the heart of Kyiv’s push to win over Donald Trump’s robust support as the US president strives to clinch a rapid end to the war with Russia that Ukraine’s supporters fear could come at the expense of its national interests.

Trump told reporters on Tuesday that Ukrainian President Volodymyr Zelensky wanted to come to Washington on Friday to sign a “very big deal”.

Denys Shmyhal, Ukraine’s prime minister, said the government would authorise the agreed wording later on Wednesday so it could be signed. He described it as a “preliminary” agreement.

“After the Ukrainian president and the US president agree on security guarantees, agree on how we tie this preliminary agreement to security guarantees from the US for our country, in the presence of [both] presidents, a representative of the Ukrainian government will sign this preliminary agreement,” he said.

A copy of a draft agreement, seen by Reuters and dated February 25, is titled “Bilateral Agreement Establishing Terms and Conditions for a Reconstruction Investment Fund”.

It says: “The Government of the US of America supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace.”

A Ukrainian source said the document was the version the government in Kyiv was expected to agree on Wednesday.

Shmyhal, outlining the agreement in televised comments, said Kyiv would contribute 50% of “all proceeds received from the future monetisation of all relevant state-owned natural resource assets and relevant infrastructure”.

Those proceeds would go into a fund under the joint control of the US and Ukraine, he said, adding that no decision about the governance of the fund could be taken without Kyiv’s agreement.

“Already existing deposits, facilities, licences and rents are not subject to discussion when creating this fund,” he added.

He said: “Of course, neither the president nor the government would ever sign or consider … a colonial treaty that did not take into account the interests of the state.”

Reuters