The Ukrainian government said it was still reviewing a draft United States agreement on the country's minerals amid media reports that Washington had changed the terms of the agreement several times.
Ukrainian Economy Minister Yulia Sviridenko announced at a cabinet meeting that Kiev was forming its position on the agreement, but lawmakers would only express their opinion once a consensus was reached. Before that, she said, a public debate would be harmful.
As the United States engaged in shuttle diplomacy to bring peace to Ukraine, US President Donald Trump said on March 24 that he expected the two countries to soon sign an agreement on minerals and natural resources.
Speaking to Reuters, Mykhailo Podoliak, a senior adviser to Ukrainian President Volodymyr Zelensky, said the draft agreement had yet to be finalized.
The news agency said that, according to three people familiar with the negotiations, the latest draft does not provide Ukraine with any security guarantees and requires it to invest all revenue from the use of natural resources managed by state and private companies in a joint investment fund.
"Consultations are still taking place at the level of various ministries," said Podoljak.
Ukraine possesses significant deposits of critical minerals, including rare earths, although their exact size remains uncertain. Rare earth minerals are highly valued for their use in defense technologies, as well as in devices such as computers, smartphones, and batteries.
Reimbursement of US support
Last month, Ukraine and the United States reached a comprehensive agreement on the development of Ukraine's vital mineral resources. The agreement was part of Trump's efforts to end the war and recoup some of the tens of billions of dollars the United States has given Ukraine in financial and military aid since the Russian invasion in 2022.
After a contentious meeting between Trump and Zelensky at the White House on February 28, attempts to finalize the agreement failed.
The core of the initial agreement was a joint fund that would be financed by future profits from the extraction of valuable minerals in Ukraine.
It is unclear whether the terms of the minerals deal have changed or whether it will include the security guarantees for Ukraine that Zelensky advocated for.
The Ukrainian president said on March 27 that the United States was "constantly" changing the terms of the proposed agreement, although he added that he did not want Washington to believe that Kiev was opposed to it.
London's Financial Times reported on March 27 that the new draft agreement goes far beyond the first agreement and will encompass all mineral resources, including oil and gas, and major energy resources across Ukraine.
In comments on the Ika website on March 28, Sviridenko said that, given the importance of the agreement, "it is crucial for us to have a constructive dialogue with our American partners."
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