Ukraine is poised to finalize an agreement allowing U.S. access to its rare earth minerals, a strategic move aimed at securing ongoing American support in its conflict with Russia, according to senior Ukrainian officials. Economy Minister Yulia Svyrydenko is heading to Washington to assist in finalizing the deal, which has been characterized by Prime Minister Denys Shmyhal as essential for establishing an investment partnership between Ukraine and the U.S.
This agreement is particularly crucial for Ukraine’s military aid, with Shmyhal emphasizing its significance as a mutually beneficial international arrangement. Access to Ukraine’s rare minerals, including titanium and uranium, is seen as vital for U.S. interests, especially for aerospace manufacturing and nuclear energy. The U.S. has expressed interest in over 20 strategic raw materials from Ukraine, including those significant for electric vehicle batteries.
Discussions around the deal have historically faced challenges, especially following a contentious meeting between U.S. and Ukrainian leaders. Concerns regarding the balance of interests led Ukraine to propose revisions aimed at creating a more equitable partnership. The latest draft of the agreement envisions a ten-year partnership, specifying that only new U.S. military aid will count toward financial contributions to a joint investment fund, while past assistance prior to the agreement would be excluded.
Before the agreement can be officially signed, it requires approval from the Ukrainian Cabinet and ratification by Parliament. These negotiations occur amidst ongoing tensions as Russia continues its attacks, highlighting the urgency for both sides. In Kharkiv, a recent drone strike resulted in numerous civilian casualties, underscoring the dire circumstances in Ukraine.
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