Mineral deal memorandum: agreement to talk about talks

UKRAINE - In Brief 18 Apr 2025 by Dmytro Boyarchuk
Ukrainian authorities have announced the online signing of a Memorandum of Intent for a potential mineral deal with the U.S. The document is provided below. Apparently, officials needed something to show at least nominal progress—and this memorandum of intent, essentially a declaration to keep talking, serves that purpose. We don’t place much weight on the ongoing negotiations surrounding this mineral deal, as it seems highly unlikely to materialize. The U.S. does not appear willing to offer what Ukraine needs—namely, security guarantees—while Ukraine is unlikely to concede to what Donald Trump is demanding: in effect, unlimited access to mineral resources without any binding obligations from the U.S. side. This story seems likely to end with minimal concrete results, despite the surrounding noise. Still, some form of agreement needed to be signed, given the political attention this issue has received—the mineral deal cannot simply vanish without explanation.

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