Prime Minister Denys Shmyhal stated that Kyiv will not sign a rare earth elements agreement with the US unless it is tied to security guarantees – a condition already included in the draft deal.
According to Ukrainska Pravda, the agreement also aligns with Ukraine’s existing commitments with the EU in this sector.
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Speaking on national TV, Shmyhal said that both parties have finalized the terms:
“Today, this agreement is called the Agreement on Establishing the Rules and Conditions of the Investment Fund for the Reconstruction of Ukraine. This is a preliminary agreement that will have legal force.”
He stated that the deal would establish an investment fund for Ukraine’s reconstruction, jointly managed and funded by Ukraine and the US.
Shmyhal emphasized that security is central to the agreement, quoting its preamble: “Taking into account the desire of the American people to invest together with Ukraine in a free, sovereign, and secure state.”
He underlined that this security-first approach is a priority for Ukraine’s government and president.
Notably, the agreement references the Budapest Memorandum, highlighting Ukraine’s historic decision to relinquish the world’s third-largest nuclear arsenal in the interest of international security.
“Today, the government will review the text of this agreement and authorize ministers for its subsequent signing during negotiations between the presidents of Ukraine and the US regarding security guarantees,” Shmyhal said.
Putin Reiterates Old Demands, With Some Nuances
US President Donald Trump said he “heard that” Ukrainian President Volodymyr Zelensky is expected to visit Washington on Feb. 28 to sign a resources agreement.
According to Trump, Washington and Kyiv have “pretty much negotiated” the deal, which includes “rare earth” minerals.
Earlier, AFP reported that Ukraine had finalized the terms of the agreement, which covers the development of its mineral resources – including oil and gas – after Washington dropped demands for a claim to $500 billion in potential revenue from Ukraine’s resources.
A Ukrainian official cited by the publication said the text does not explicitly include the security guarantees Kyiv had sought. However, it contains a general clause stating that the US will invest in a “stable, prosperous, and sovereign Ukraine,” work toward lasting peace, and support efforts to ensure security.
Trump had previously suggested that the original deal could serve as a way for Ukraine to repay the US for military and financial aid received since Russia’s full-scale invasion in 2022, even though the aid was provided in the form of grants and loans.
He had also previously demanded “$500 billion worth” of rare earth minerals as compensation for US assistance – an amount far exceeding the level of aid Ukraine has received from Washington.
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