FT: Ukraine Agrees with the U.S. on a New Deal for Mineral Resources.

Ukraine has managed to agree on the terms of a deal for the supply of mineral resources to the United States. This could improve relations with the Trump administration and secure long-term U.S. commitments to security.

The agreement for the joint development of mineral resources, including oil and gas, could be signed after the U.S. lifted the requirement regarding the right to $500 billion of potential revenue from resource development. This was reported by Ukrainian officials.

'The mineral resource agreement is part of a larger picture. We have often heard from the U.S. administration that this is part of a bigger plan,' said Ukraine's Deputy Prime Minister and Minister of Justice Olha Stefanishyna.

Initially, President Trump's proposal for compensation caused outrage in Kyiv and European capitals. After rejecting the initial version, Trump called Zelensky a 'dictator' and accused Ukraine of starting the war.

The final version of the agreement, dated February 24, provides for the creation of a fund to which Ukraine will contribute 50% of the revenues from future monetization of mineral resources and logistics. This fund will invest in projects within Ukraine.

The agreement does not include existing mineral resources, i.e., it does not concern the activities of Naftogaz or Ukrnafta.

However, the agreement does not provide for security guarantees from the U.S., which Kyiv initially demanded. Questions regarding the size of the U.S. share in the fund and the conditions of the joint ownership agreement remain unresolved.

Ukrainian officials stated that the agreement was approved by the ministers of justice, economy, and foreign affairs. Zelensky may visit the White House for a signing ceremony with Trump.

The Zelensky government also needs approval from the Ukrainian parliament, where the opposition promises to hold debates before ratifying the agreement.