Ukraine’s rare metals agreement again hung
Ukraine and the United States said on Wednesday that they are ready to sign the Rare Metal Agreement after months of negotiations, but at the last moment, it has been uncertain when it can happen.
« Our country is ready to sign. Ukrainians have decided last night to make some changes at the last minute, » US Finance Minister Scott Bensten told reporters in the White House.
Ukrainian Deputy Prime Minister Julia Sviridko is on his way to Washington to sign. But a source said the United States is urging Ukraine to sign two additional documents to the agreement and that Kiev believes it is premature.
Bestent denied the US made an attempt to change the text agreed on both sides over the weekend.
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Two sources told Reuters that signing could happen later on Wednesday.
What does it say in the agreement
The agreement project gives the US preferential access to new Ukrainian transactions to develop natural resources, but does not automatically give Washington a share of Ukrainian natural resources or to its gas infrastructure.
« In fact, this is a strategic agreement … This is a really equal, good international agreement on joint investment in the development and restoration of Ukraine, » said Prime Minister Dennis Schmigal.
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The project does not specify any specific US security guarantees for Ukraine, which is one of Kiev’s original goals. Separately, Ukraine has discussed with its European allies the formation of international forces to help ensure the security of Ukraine if a peace agreement is reached with Russia.
The joint fund
The agreement envisages the establishment of a joint restoration fund between the US and Ukraine, which will receive 50% of the profits and licensing remuneration accumulated in the Ukrainian country by new permits for the extraction of natural resources.
The project does not specify how the revenue from the Joint Fund will be spent, who wins or who controls the cost decisions.
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Schmigal said in an address on Ukrainian television that after signing the main agreement, the two parties would agree on two additional technical and additional documents outlining the details of the use of the Fund.
He said that Ukraine will maintain control of all its resources and that the fund will invest in the development of Ukraine for 10 years.
« Ukraine will make a contribution only from new licenses, from new licenses for mineral resources. This will be our contribution, 50% of which will be given to this fund, » the prime minister said.
The United States could use its future military assistance to Ukraine as its contribution to the fund, Schmigal explained, and the assistance provided is not included in the agreement.
Washington is Ukraine’s largest military donor since the Russian invasion of 2022 with help of over 64 billion euros ($ 72 billion), according to the Kiel Institute in Germany.
