Ukraine has agreed terms with the United States on a crucial minerals deal, a Ukrainian government source has told Sky News.
There has been no official confirmation from the US side yet but Donald Trump said on Monday evening that his Ukrainian counterpart “would like to sign the minerals deal with me”.
It no longer contains an initial demand by the United States for a right to $500bn (£394bn) in potential revenue from the resources.
Mr Zelenskyy had previously described such a high price as not being a “serious” conversation.
Mr Trump, however, views the minerals transaction with Ukraine as a fair way to recoup the billions of dollars that the US has given Kyiv – via weapons and financial support – to assist the armed forces in their fight against Russia’s full-scale invasion over the past three years.
Donald Trump with Volodymyr Zelenskyy in New York in September 2024. Pic: AP
The document also does not provide a commitment from Washington to give security guarantees to Ukraine in the wake of any ceasefire deal with Vladimir Putin – something that Kyiv desperately needs and has been asking for.
The accord, once signed, could unlock a new long-term partnership between Kyiv and Mr Trump‘s White House after weeks of increasingly tense exchanges.
The source said there was a plan for the document to be signed “very soon”.
This could even be during a face-to-face meeting between Ukrainian President Volodymyr Zelenskyy and Mr Trump.
The US president told reporters on Tuesday evening that his Ukrainian counterpart is “coming to visit on Friday”.
He added: “We have pretty much negotiated our deal on rare earths.”
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Inside a titanium mine in Ukraine
A Ukrainian government source has also said Mr Zelenskyy will meet with Mr Trump in Washington on Friday and that the meeting was proposed by the American side.
The deal sets out the terms to create a new fund to invest in Ukraine’s minerals, rare earth materials and other valuable natural resources.
More granular details about the new partnership are expected to be fleshed out in coming discussions.
Read more:
Pay back the billions of aid, Trump tells Ukraine
What minerals does Ukraine have and why does Trump want them?
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The two sides have “agreed on a framework agreement on how to create a fund that will be filled with a share of minerals” and other natural resources, a Ukrainian government source said, speaking on condition of anonymity.
“This is a political step to ensure that resource revenues are used for the security and reconstruction of Ukraine.”
The fund would comprise US money that would be invested in Ukrainian natural resources, with profits shared between Washington and Kyiv, it is understood.
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The Financial Times first reported on the agreement being reached. It said the final version of the deal was dated 24 February.
“The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture,” Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister who has led the negotiations, told the newspaper on Tuesday.
The development comes after Mr Trump shocked European leaders last week by calling Mr Zelenskyy a “dictator with no elections”.
He added that the Ukrainian president “better move fast or he is not going to have a country left” after Mr Zelenskyy had accused him of living in a Russian-made “disinformation space”.
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Is Trump and Macron’s bromance still intact?
French President Emmanuel Macron flew to Washington to meet with Mr Trump on Monday for talks on Ukraine amid fragile relations between the US and Europe.
Meeting in the White House on the third anniversary of Russia’s war in Ukraine, the French president said he and Mr Trump “made substantive steps forward during our discussions”.
It comes as UK Prime Minister Sir Keir Starmer prepares to meet with Mr Trump at the White House on Thursday.
Mr Starmer and Mr Macron spoke on the phone on Tuesday and “agreed that President Trump’s leadership in working towards a durable peace in Ukraine was welcome”, a Downing Street spokesperson continued.