The British newspaper The Guardian has revealed the draft memorandum of understanding expected to be signed next week between the United States and Ukraine, aiming at cooperation in the field of strategic minerals.

The development follows Ukraine’s announcement just hours earlier about signing a memorandum of intent on minerals with the U.S.

According to Ukraine’s Economy Minister Yulia Svyrydenko, the final agreement will include the creation of an investment fund for the reconstruction of Ukraine. American officials expressed hope that the agreement could be finalized by the end of next week.

The draft acknowledges the “significant financial and material support” provided by Washington to Kyiv since 2022. However, it avoids clarifying whether future profits from the investments will be used to repay U.S. military aid.

Excerpts from the Memorandum Published by The Guardian:

Memorandum of Intent between the Government of the United States of America and the Government of Ukraine for Finalizing the Formal Agreement on Economic Partnership and a Reconstruction Investment Fund

• Recognizing that the United States has provided substantial financial and material support to Ukraine following Russia’s full-scale invasion in February 2022;
• Acknowledging that the American people wish to invest alongside the Ukrainian people in a free, sovereign, and secure Ukraine;
• Recognizing both nations’ desire for lasting peace in Ukraine and a long-term partnership between their peoples and governments;
• Recognizing Ukraine’s contribution to international peace and security by voluntarily relinquishing the world’s third-largest nuclear arsenal;
• Expressing intent to create a Reconstruction Investment Fund as part of an economic partnership;
• Acknowledging productive technical discussions in Washington (April 11–12, 2025) to finalize negotiations on this fund;
• Affirming respect for Ukraine’s commitments to EU accession and other international financial institutions and creditors;
• Anticipating a visit by Ukrainian PM Shmyhal to Washington the week of April 21, 2025, to meet with U.S. Treasury Secretary Bessent and support final discussions;
• Aiming for negotiation teams to report progress by April 26, 2025, and to sign the agreement as soon as possible;

The memorandum can be signed in multiple counterparts, all of which constitute a single document.

Trump’s Call for Repayment of U.S. Aid

Donald Trump has repeatedly stated that Ukraine “owes” the U.S. at least $300 billion. In contrast, President Volodymyr Zelensky insists that the military aid received so far was in the form of grants approved by Congress—not loans.

Zelensky reportedly indicated that he is open to paying for future military support from a potential Trump administration but finds it inappropriate to discuss repayment for aid already given under different conditions and legal frameworks.

Political Debate Expected on Both Sides of the Atlantic

The memorandum—which aligns with U.S. efforts to diversify sources of critical raw materials—is expected to spark political debate in both the U.S. and Europe. Discussions will likely focus on Ukraine’s economic reconstruction and the terms of Western aid amid ongoing conflict.

Ukrainian Minister’s Statement

Economy Minister Yulia Svyrydenko announced the signing of the memorandum via a post on platform X, including photos of her signing the document and U.S. Treasury Secretary Scott Bessent doing the same separately.

“We are pleased to announce the signing, together with our American partners, of a Memorandum of Intent paving the way for an Economic Cooperation Agreement and the creation of a Reconstruction Investment Fund for Ukraine,” she wrote.

The signing took place during a virtual call with Bessent, who noted that the agreement’s details are still being discussed.

“This is essentially what we had previously agreed on. When President Zelensky was here, we signed a memorandum of understanding. We went straight into the full agreement—I think it’s about 80 pages—and that’s what we’re going to sign,” Bessent said.

Trump also referred to the deal during a joint press conference with Italian Prime Minister Giorgia Meloni:

“We have a mineral deal that’s apparently going to be signed next Thursday… very soon. And I assume they’ll honor it. We’ll see. But we have agreed to it,” he said.