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(Bloomberg) — Negotiators from Ukraine are in Washington ironing out the final details of an agreement to develop the country’s natural resources that they hope will strengthen their economic partnership with the US, according to people familiar with the discussions.
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The two sides have agreed on the main accord and are now working on some technical elements in separate texts, the people said, speaking on condition of anonymity. While both sides see agreement as close, the Ukrainians were hoping to sign the overarching deal before nailing down the details but the US is insisting all components are agreed together, one of the people said.
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“The agreement will be signed in the near future, hopefully within 24 hours,” Prime Minister Denys Shmyhal said in an interview with Ukrainian TV, adding that Economy Minister Yulia Svyrydenko is on her way to Washington for the signing.
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The two texts that have still to be fully agreed include mechanisms to make sure funds are traceable in line with international best practice, one of the people said, adding that the US side is ready to sign the existing drafts after negotiators worked into the early hours of Wednesday.
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The Financial Times reported earlier that there were some last-minute difficulties in the talks.
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The US is “committed to the quick conclusion of this vital agreement, and to securing a lasting peace in Ukraine,” a Treasury spokesperson told Bloomberg News. “President Trump has said that the time to get this done is now, and we are moving with all deliberate speed toward this end.”
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The deal, which will allow the US privileged access to new investment projects to develop Ukraine’s natural resources including aluminum, graphite, oil and natural gas, has been in works since February. The Ukrainian Cabinet is prepared to approve the accord, which will need to be ratified by the country’s parliament and government officials will talk to lawmakers, Shmyhal said.
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As part of the agreement, the US and Ukraine will seek to create the conditions to “increase investment in mining, energy, and related technology in Ukraine,” according to a draft of the document seen by Bloomberg News. Washington also acknowledges Kyiv’s intentions for the deal to avoid any conflict with its plans to join the European Union — long seen as a red line for Ukraine in the talks.
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In another breakthrough, the US has agreed that only future military assistance it may provide to Ukraine following the signing of the deal would count toward its contribution to the fund, according to the document. Ukrainian Prime Minister Denys Shmyhal said Sunday that Washington had dropped its insistence on inclusion in the deal of the tens of billions of dollars in aid already delivered since the start of Russia’s invasion.
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