Zelensky says 'good progress' in rare earth minerals deal talks with US
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Kyiv: Ukrainian President Volodymyr Zelensky stated that negotiators are making "good progress" with the United States in challenging discussions regarding a minerals deal intended to secure desperately needed US support.
"The basic legal stuff is almost finalised, and then, if everything moves as quickly and constructively, the agreement will bring economic results to both our countries," Zelensky said on Wednesday in his daily address.
Kyiv and Washington had initially planned to finalise an agreement on extracting Ukraine's strategic minerals, but a February dispute between US President Donald Trump and Zelensky caused a temporary setback.
Trump wants the deal – designed to give the US royalty payments on profits from Ukrainian mining of resources and rare minerals – as compensation for aid given to Ukraine by his predecessor, Joe Biden.
"The Ukrainian government team working with the US side on the economic partnership agreement is making good progress," Zelensky said.
He referred to an update from Economy Minister Yulia Svyrydenko, who stated that "significant progress" had been achieved in the discussions. She noted that Ukrainian officials had "adjusted several items within the draft agreement" and anticipated that a "memorandum of intent" would be signed soon.
She also mentioned that the Ukrainian Parliament would ultimately vote on any finalised agreement.
A senior official with knowledge of the negotiations said talks were moving forward "quite fast".
The source told a leading media agency that newer drafts of the accord appeared not to recognise US aid as a debt owed by Ukraine.
An earlier report by Bloomberg News highlighted that Washington had softened its stance on requiring Kyiv to repay aid provided since Russia's invasion in 2022.
The report mentioned that US Treasury Secretary Scott Bessent indicated on Monday that a deal could potentially be finalised "this week".
Last month, the Trump administration proposed a new, more expansive minerals deal, which gives Ukraine no future security guarantees but requires it to place in a joint investment fund all income from the exploitation of natural resources by state and private enterprises across Ukrainian territory.
(inputs from IANS)
