CNN
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Last-minute disagreements could derail the mineral trade that the US and Ukraine had hoped to sign on Wednesday.
After weeks of intense negotiations, it was sometimes bitter and it was expected that both sides would sign the deal after a temporary derailment of Washington’s aid to Ukraine.
Earlier on Wednesday, Ukrainian Prime Minister Dennis Schmichal told Ukrainian television that the country’s economy minister, Julia Swillidenko, was heading to Washington.
“We have finalized our final details with our American colleagues. We hope that as soon as all the final details are finalized, the contract will be signed in the near future within the next 24 hours,” Schmihal told Ukrainian Telemarathon.
Despite hoping the transaction was completed, a source familiar with the discussion told CNN that he had different views on the signature of the document.
Schmichal said on Wednesday that Ukraine is ready to sign the contract and will then work with the US to “complete two technical documents” and continue to outline details of the transaction at a later date.
A source familiar with Ukraine’s position said that while the US was “provided” to sign all three documents on Wednesday, Ukraine believes it needs more technical work.
Meanwhile, a source familiar with the US position told CNN that all three documents must be signed on Wednesday, and that Ukrainians are about to resume terms already agreed to as part of the package.
“The Ukrainians decided to make last minute changes last night,” U.S. Treasury Secretary Scott Bescent said at a cabinet meeting Wednesday afternoon.
“I’m sure they’ll rethink that,” Bescent said.
“If that’s the case, we’re ready to sign this afternoon,” he said, adding that the US had not made any changes to the “deals agreed over the weekend.”
The United States and Ukraine have been trying to block the natural resources agreement that will allow Washington to access in exchange for investment since US President Donald Trump returned to the White House in January.
Ukrainian President Voldymir Zelensky was expected to sign a contract during his trip to Washington in February, but the agreement was not signed when the visit was shortened following a controversial oval office meeting.
One of the key sticking points in negotiations was the issue of security assurance. And whether the US will offer them as part of the transaction. Trump initially refused by saying he wanted Ukraine to sign the agreement first and then talk about the guarantee later.
At the time, Zelensky explained that he wanted him to “sell” his country. Ukrainian officials have since shown that they believe US investment and the presence of American companies in Ukraine will make the US even more concerned with Ukraine’s safety.
Shortly after his fateful visit to the White House, Trump ordered our aid to Ukraine to be stopped. Support has since been restored, but this episode has become a major awakening call for Ukraine’s European allies, pledging to strengthen their help for the country.
Trump has largely requested the agreement, claiming that Ukraine had “repayed” for the aid the US has provided to Ukraine since Russia launched an unprovoked full-scale invasion in February 2022.
Details of the contract have not been made public. However, Schmihal said on Sunday that the deal “does not include the assistance provided for the signature.”
On Wednesday, Schmihal described the deal as “a strategic agreement on the establishment of an investment partnership fund.”
“This is an equal and beneficial international agreement between the US and the Ukrainian government regarding joint investment in Ukraine’s development and recovery,” he added.
Under this agreement, the US and Ukraine will establish a co-investment fund in Ukraine, contributing equal distribution between them, equal distribution of managed stocks between them.
“The US may also count new things. I am highlighting new military aid to Ukraine as a contribution to this fund,” Schmihal said.
Kiev’s allies have long looked at the country’s mineral wealth. Ukraine has 22 deposits of 50 materials classified as important by the US Geological Survey.
These include rare earth minerals and other materials that are essential for the production of electronics, clean energy technologies, and several weapons systems.
Global production of rare earth minerals and other strategically important materials has long been dominated by China, with Western countries desperate for other alternative sources, including Ukraine.
A memorandum prepared under the Biden administration last year said the US would promote investment opportunities for Ukrainian mining projects to American companies in exchange for creating economic incentives and implementing excellent business and environmental practices.
Ukraine already has a similar agreement with the European Union, which was signed in 2021.
This story has been updated in development.
