Ukraine, US poised to sign investment fund deal within hours, PM Shmyhal says

“As soon as all final details are finalized, I hope within the next 24 hours, the agreement will be signed, and we will take the first step,” he said.

Economy Minister Yulia Svyrydenko traveled to Washington on April 30 to complete negotiations. 

“This is truly a strategic agreement to create a partnership Investment Fund, an equitable, strong international agreement for joint investments in Ukraine’s development and restoration,” Shmyhal added.

Technical work on translation details is ongoing, but all key issues have been agreed upon, and the government is ready to approve the deal at any moment. 

Two additional technical agreements will follow, covering the fund’s creation, financing, and operations, said the premier.

Bloomberg, citing a source familiar with the matter, reported on April 30 that Ukraine was prepared to sign the minerals agreement with the United States that day.

Agreement on critical mineral resources between Ukraine and the United States

Ukraine and the United States were set to sign a framework agreement on rare earth metals on Feb. 28.

The agreement was intended to commit both countries to begin negotiations on a second, more detailed pact regulating the Ukraine Recovery Investment Fund — a bilateral structure where Ukraine would invest 50% of future revenue from new mineral developments. At the same time, the agreement would not affect the current revenues of Naftogaz and Ukrnafta.

The signing was canceled following a confrontation between Volodymyr Zelenskyy, Donald Trump, and U.S. Vice President J.D. Vance at the White House.

On March 27, Ukrainian MP Yaroslav Zheleznyak said the U.S. had handed Ukraine a new draft of the minerals agreement, dated March 23. The new draft allegedly provides U.S. access to all minerals across Ukraine, including current and future developments.

On March 31, it was reported that Ukraine and the U.S. discussed the new draft of the minerals agreement in detail for the first time. On the same day, Trump warned that if Zelenskyy chose to abandon the agreement, he would face “significant problems.”

On March 28, Zelenskyy confirmed that Ukraine had received the new draft, but pointed out that it contained "some things that the parties had already rejected."

The Financial Times reported that the U.S. version lacked security guarantees and expanded the list of natural resources Ukraine would need to transfer to the United States.

On April 4, Zelenskyy said that Ukraine would be represented by a law firm in negotiations with the United States on the resource agreement.

On April 17, the governments of Ukraine and the U.S. signed a Memorandum of Economic Partnership.

On April 18, the Cabinet of Ministers published the full text of the Memorandum, along with an unofficial translation into Ukrainian. It stated that Prime Minister Denys Shmyhal would visit Washington and that negotiating teams should report on progress by April 26 to finalize the agreement on the creation of a reconstruction investment fund.

On April 19, Taras Kachka, Deputy Minister of Economy and Head of the Ukrainian Delegation, stated that the mineral negotiations between Ukraine and the U.S. did not involve discussions on Ukraine's debt to the U.S.

On April 22, Zelenskyy confirmed that legal work was ongoing on the mineral agreement but added that the signing date remains uncertain.