United States and Ukraine Sign Sparse Minerals Memorandum Amidst Diplomatic Tensions

In a surprising development late Thursday 17 April 2025, the United States and Ukraine signed a Memorandum of Intent concerning Ukraine’s mineral resources. Unlike previous drafts, this version has been officially signed, though it notably lacks substantial content and even omits a date. Nor does it appear to have been properly proofread; it contains at least one typo ("the April 26, 2025"), suggesting drafting by a Ukrainian lawyer, as speakers of Slavic languages often include articles in sentences where they are not due.

The memorandum, signed in Paris by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and in a video call by US Treasury Secretary Scott Bessent, is a brief, one-page document. It primarily acknowledges the United States’ significant military assistance to Ukraine and Ukraine’s past decision to relinquish the world’s third-largest nuclear arsenal in exchange for global peace and security. It also acknowledges that any substantive agreement for US investment in Ukraine must be consistent with Ukraine's EU aspirations.

A copy of the Memorandum, publicly disclosed by the Ukrainian government, appears here:

The agreement sets an ambitious deadline, expecting negotiations for a comprehensive minerals deal to conclude by Saturday 26 April 2025. However, the absence of identified private sector investors and the complexity of such contracts, which typically require extensive time to negotiate, suggest that any forthcoming agreement may also lack substantive content.

Despite its brevity, the memorandum offers strategic advantages. For President Trump, it represents a tangible achievement to showcase progress in US-Ukraine relations. For Ukraine, it demonstrates the ability to swiftly reach agreements with the U.S., contrasting with stalled negotiations involving Russia.

Reports indicate that the United States has proposed assisting in liberating occupied Ukrainian territories, potentially through military means, in exchange for investment opportunities and a share in the profits from these regions. While this could benefit Ukraine’s long-term reconstruction efforts, it also raises concerns about the implications of intensified military actions against Russia.

Adding to the complexity and confusion, US Secretary of State Marco Rubio stated today on 18 April 2025 that the U.S. would “move on” from efforts to resolve the Ukraine-Russia conflict within days if no progress is made. This stance appears to conflict with President Trump’s optimistic remarks during a meeting with Italian Prime Minister Giorgia Meloni at the White House on 17 April 2025.

The divergent messages from US officials highlight potential discord within the administration regarding its approach to the Ukraine conflict. While some advocate for decisive military support, others suggest disengagement, leaving the future of US-Ukraine relations uncertain.

As negotiations continue, the upcoming week will be crucial in determining whether a more detailed and actionable agreement can be reached, or if the memorandum remains a symbolic gesture amidst ongoing geopolitical tensions.