Ukrainian President Volodymyr Zelenskyy (R) and US president-elect Donald Trump (L) shakes hands after their meeting at the Elysee Presidential Palace in Paris, France on December 07, 2024
ISTANBUL
The US and Ukraine encountered last-minute hurdles Wednesday, hours before the anticipated signing of a landmark framework deal to develop Ukraine’s mineral resources, according to media reports.
The agreement, which Kyiv hoped would unlock major US investments in its mining and energy sectors, was jeopardized when Washington insisted Ukraine sign not only the framework deal, but two additional documents -- a fund agreement and a technical annex.
Three sources told the Financial Times that US Treasury Secretary Scott Bessent’s team warned Ukraine’s First Deputy Prime Minister Yulia Svyrydenko, who was en route to Washington to sign the deal, that she must “be ready to sign all agreements, or go back home.”
US officials claimed that Ukraine had attempted to revisit agreed terms on fund governance, transparency mechanisms and financial traceability, despite earlier consensus.
“President Trump has said that the time to get this done is now,” said a spokesperson for the US Treasury Department.
Ukrainian officials pushed back, however, saying it was “inaccurate” to suggest Kyiv backtracked.
One US official noted the fund agreement requires parliamentary ratification and cannot be signed immediately.
“We stand ready to sign the framework deal today,” said the official, adding the chances of doing so remained “50-50.”
Ukrainian Prime Minister Denys Shmyhal confirmed ongoing efforts earlier to finalize the deal. “As soon as all the final details are worked out, which I hope will happen within the next 24 hours, the agreement will be signed,” he said.
The latest version of the deal includes a key concession from the Trump administration -- only future US military aid will count as a capital contribution to the proposed joint investment fund, reversing an earlier demand to include past military assistance.
The framework agreement does not include explicit security guarantees but describes the deal as “an expression of a broader, long-term strategic alignment” and US support for Ukraine’s security and reconstruction.
