Both the US and Ukraine say American companies are ready to sign a wide-ranging transaction that provides access to Ukrainian minerals.
“If that’s the case, I’m ready to sign this afternoon,” U.S. Treasury Secretary Scott Bescent said Wednesday.
Ukrainian deputy prime minister, Prime Minister Julia Swillidenko, had flew to Washington on Wednesday after a clear breakthrough in negotiations.
Previously, BBC News has seen a draft copy of the agreement that stipulates the creation of a Ukrainian-US co-investment fund to search for Ukrainian minerals and sets how revenues will be split.
On Wednesday afternoon, US sources familiar with the discussion criticized Ukraine for trying to resume several terms that had already been agreed to over the weekend.
Both our teams and Ukrainians worked throughout the evenings from Friday to Saturday to complete the document and early Wednesday morning, sources told the BBC.
They added that the fixed point includes fund governance, transparency mechanisms and measures to ensure that all funds are fully traceable.
Despite these last-minute negotiations, the signature could occur by the end of Wednesday if the US believes Ukraine is already complying with agreed terms, sources said.
“Nothing has been removed,” Bescent said when asked about changes to the transaction. “That’s the same agreement we agreed over the weekend. There’s no change on our side.”
The technical documents were signed last week by representatives of both countries.
In Kiev, Prime Minister Dennis Schmichal said he hopes Ukraine will sign it within “the next 24 hours.”
“This is a really good, equal and beneficial international agreement on co-investment in development and recovery in Ukraine,” Schmihal said.
Since returning to the White House, US President Donald Trump has repeatedly pushed for agreements as a prerequisite for providing future security guarantees to Kiev as Ukraine continues to fight Russian military invasions.
Ukraine is believed to have enormous reserves of important rare minerals such as graphite, titanium and lithium beneath its soil. They are highly sought after for their use in renewable energy, military applications and industrial infrastructure.
Amid the growth of the trade war with China, where 90% of the world’s current stocks are being supplied, there is the Trump administration’s push for access to mineral wealth in other countries.
The draft deal also appears to provide the US with drastic access to the Ukrainian industry beyond minerals.
It does not specify security support that Washington is willing to provide in return, but it says the transaction is “a concrete demonstration of the United States’ support for Ukraine’s security.”
The agreement took place as a meeting between Moscow and Washington on the possibility of a ceasefire in Ukraine just days after President Trump and Ukrainian President Voldimia Zelensky held a face-to-face meeting on the sidelines of Pope Francis’ funeral.
The latest Trump Zelensky speech appeared to be far more friendly than his White House meeting in February, softening from the US president towards his Ukrainian counterpart on the following days to his Ukrainian counterpart, but also led to an increase in levels of criticism for the Russian attack.
Speaking Wednesday, Trump said: “You know, we’re looking for rare earths. [minerals] everytime.
“They have a lot, we’ve made a deal so we can start digging and do what we have to do, which is good for them too.”
The first agreement was scheduled to be signed in February, but collapsed after a fierce exchange between the two leaders when Trump denounced Zelensky for “World War I and Gambling.”
