Ukraine and the United States signed a "memorandum of intent" on Thursday, moving forward with a deal that would grant the US access to Ukraine's natural resources and critical minerals.
"We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine," said Ukraine's first deputy prime minister Yulia Svyrydenko on X.
Kyiv and Washington had initially planned to sign the agreement on extracting Ukraine's strategic minerals weeks earlier, but a rift between Presidents Donald Trump and Volodymyr Zelensky in February temporarily stalled progress on the deal.
Trump has insisted that the agreement, which would provide the US with royalty payments from Ukrainian mining of rare minerals and resources, be seen as compensation for the aid provided to Ukraine by his predecessor, Joe Biden.
Although Svyrydenko did not provide further details about the memorandum, she confirmed that work is ongoing to secure a final agreement.
"We hope that the Fund will become an effective tool for attracting investments in the reconstruction of our country, modernization of infrastructure, support for business, and the creation of new economic opportunities," she said.
"There is a lot to do, but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries."
US officials say boosting American business interests in Ukraine will help deter Russia from future aggression in the event of a ceasefire.
Kyiv is pushing for concrete military and security guarantees as part of any deal to halt the three-year war.
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