“Under Discussion”: Svyridenko Clarifies Details of U.S. Minerals Deal

According to First Deputy Prime Minister and Minister of Economy Yulia Svyridenko, the final text is still “under discussion”, and the government remains determined to ensure the deal fully reflects Ukrainian interests. President Volodymyr Zelenskyy also confirmed that a new version of the agreement is on the table after earlier drafts were met with concerns from Kyiv.

1. Key Statements from the Ukrainian Government

1. Negotiations Still Ongoing
   Yulia Svyridenko posted on social media that “the deal is under discussion,” stressing that Ukraine wants to guarantee its interests align with what it regards as a “strategic partnership” with the U.S. She emphasized that any public debate over unreleased contractual details could harm the negotiation process.

2. Zelenskyy’s Involvement
   President Zelenskyy indicated that American partners have suggested a new version of the minerals agreement, requiring possible ratification by the Verkhovna Rada. He pointed out that the U.S. side frequently updates the document, which is why no final text has yet been presented for signature.

3. Importance of Consultation with Parliament
   Svyridenko highlighted that if the final terms deviate from initial proposals, the government would likely seek input from the Verkhovna Rada. This ensures oversight and a transparent legislative process, reflecting national sovereignty in resource management.

2. Background and Timeline

1. Initial Plans

   • Negotiations were initially scheduled to wrap up in late February, when President Zelenskyy was to visit Washington. The two sides hoped to finalize an agreement covering potential extraction and revenue-sharing across various minerals.

2. Delay due to Disputes

   • Discussions stalled after tensions arose during a meeting in the White House. The previously circulated drafts suggested broad U.S. control over resource extraction, prompting reservations within Ukraine.

3. Proposed Terms

   • Earlier reports noted that the U.S. sought broad rights to Ukrainian resources, from oil and gas to rare earth minerals. Some versions included ownership or management stakes in multiple state and private mining enterprises.

4. Revised Draft in March

   • By March 23, new terms emerged, requiring further discussion. People’s Deputy Yaroslav Zheleznyak stated that the updated U.S. draft covers “the extraction of all minerals across Ukrainian territory” and would create a five-person management group, three of whom would be appointed by the U.S. with veto power.

3. Government Priorities and Concerns

1. Maintaining Resource Sovereignty

   • Svyridenko underscored that Ukraine’s top priority is securing a balanced deal. Ukrainian leaders want reassurance that any foreign involvement respects Ukraine’s sovereignty and that critical assets remain under proper government oversight.

2. Potential Economic Impact

   • Advocates of the minerals deal highlight potential large-scale investments in infrastructure and extraction processes. This could spur economic growth and speed up post-war reconstruction.

   • Meanwhile, critics worry about overconcentration of resource control, as well as the long-term environmental and social ramifications.

3. Nurturing a Strategic Partnership

   • Both Kyiv and Washington see deeper economic cooperation as vital for Ukraine’s future stability, especially amid ongoing security challenges. The government hopes for a win-win arrangement that safeguards Ukraine’s best interests while attracting significant U.S. capital and expertise.

4. Possible Outcomes and Next Steps

1. Further Revisions

   • The “working version” of the deal sent by U.S. legal advisers may face additional amendments. Each revision must reflect common ground between both parties.

2. Parliamentary Ratification

   • If key aspects of the deal significantly alter Ukraine’s resource governance, the Verkhovna Rada will likely debate and potentially ratify the agreement. This step would cement any major concessions or changes in Ukraine’s laws.

3. Timeline for Signing

   • U.S. Treasury Secretary Scott Bessant hinted that signing could happen “as early as next week”, though Ukrainian officials have repeatedly noted no fixed date is set while talks remain “under discussion.”

4. Potential Obstacles

   • Misalignments over control, profit-sharing, and long-term environmental liabilities remain unresolved. Pressure from civil society and the media to see a finalized text could further complicate the deal.

Conclusion

Yulia Svyridenko’s latest statement reaffirms that Ukraine’s minerals agreement with the United States is not yet settled. While the economic upside could be substantial—especially given Ukraine’s vast untapped resources—Kyiv is treading carefully to ensure national interests and strategic autonomy are preserved. As negotiations continue, public disclosure of specific terms remains limited, with officials warning that premature debates could hamper progress. Nevertheless, all eyes remain on the potential signing, which could reshape the Ukrainian resource sector for years to come.