Ukraine has reportedly agreed to a deal that will see the country supply the U.S. with deposits of its critical rare earth %Minerals.
The draft deal will see the two countries jointly develop Ukraine’s mineral resources, including oil and natural gas.
At the same time, the administration of U.S. President Donald Trump has dropped an earlier demand for $500 billion U.S. in potential revenue from the agreement.
While no deal has been signed yet, Ukrainian President Volodymyr Zelenskyy is expected to travel to Washington, D.C. on Feb. 28.
Speaking to reporters, Trump said the agreement offers Ukraine billions of dollars in aid, military equipment, and the right to fight on against Russia if the country chooses to do so.
However, the deal stops short of giving Ukraine specific security guarantees, a key issue as the European nation looks to a post-war future in which it is protected from Russian aggression.
Ukrainian Prime Minister Denis Shmyhal has said that the draft deal would create a joint investment fund with the U.S.
The deal is reportedly called the “Agreement on Establishing the Rules and Conditions of the Investment Fund for the Reconstruction of Ukraine.”
It’s unclear how much mineral wealth lies within Ukraine, although the Ukrainian government has said that $350 billion U.S. worth of natural resources are in Russian-occupied territories of the country.
