U.S. and Ukraine to sign minerals deal today: Ukrainian official

After some last-minute hiccups, the U.S. and Ukraine are expected to sign a closely watched minerals deal on Wednesday, Ukraine's deputy economy minister Taras Kachka told Axios.Why it matters: The agreement envisions a lasting economic partnership between the U.S. and Ukraine and gives the U.S. preferential access to Ukraine's rare earth minerals, oil and gas. But reaching the final agreement has been a contentious weeks-long process.Flashback: The minerals deal was due to be signed on Feb. 28 until President Volodymyr Zelensky's visit to Washington exploded into acrimony.Talks were frozen for several weeks, and then restarted almost from scratch with a new text.Friction point: Another signing ceremony was thrown into uncertainty on Wednesday after Ukraine declined to sign side agreements the U.S. presented along with the main deal. Driving the news: Those disagreements are now resolved, Kachka told Axios, and Treasury Secretary Scott Bessent and Ukrainian Deputy Prime Minister Yulia Svyrydenko are expected to sign the deal Wednesday in Washington. The big picture: U.S. officials contend the agreement will increase U.S. involvement in Ukraine's economy and serve as a partial security guarantee for Ukraine because the U.S. will want to secure its investments. Zoom in: The government-to-government agreement would establish a joint fund, with each country contributing 50% of the financing and future U.S. military assistance to Ukraine counting as a contribution to the fund.The fund will be governed jointly and will have three U.S. members and three Ukrainian members on its board. The money in the fund will be used for investments in the extraction of Ukraine's rare earth minerals, oil and gas. The revenue will be split 50/50.Kachka said the agreement gives the U.S. preferential access to investments in any operator that extracts rare earths in Ukraine and the first right of refusal for such investments. Key point: The agreement will be forward-looking, Kachka said. It's not aimed at repaying for U.S. support for Ukraine — as Trump had previously described the purpose — but on giving the U.S. the opportunity to profit from its defense of Ukraine through investments. What they're saying: "This agreement is a win-win and it is written in friendly language. it is about investments, investments and investments," Kachka said.Bessent said earlier Wednesday that the U.S. was prepared to sign the deal "if they are" and that it was the same text the parties agreed to over the weekend.

After some last-minute hiccups, the U.S. and Ukraine are expected to sign a closely watched minerals deal on Wednesday, Ukraine's deputy economy minister Taras Kachka told Axios.

Why it matters: The agreement envisions a lasting economic partnership between the U.S. and Ukraine and gives the U.

S. preferential access to Ukraine's rare earth minerals, oil and gas. But reaching the final agreement has been a contentious weeks-long process.

Flashback: The minerals deal was due to be signed on Feb. 28 until President Volodymyr Zelensky's visit to Washington exploded into acrimony.Talks were frozen for several weeks, and then restarted almost from scratch with a new text.

Friction point: Another signing ceremony was thrown into uncertainty on Wednesday after Ukraine declined to sign side agreements the U.S. presented along with the main deal.

Driving the news: Those disagreements are now resolved, Kachka told Axios, and Treasury Secretary Scott Bessent and Ukrainian Deputy Prime Minister Yulia Svyrydenko are expected to sign the deal Wednesday in Washington. The big picture: U.S.

officials contend the agreement will increase U.S. involvement in Ukraine's economy and serve as a partial security guarantee for Ukraine because the U.

S. will want to secure its investments. Zoom in: The government-to-government agreement would establish a joint fund, with each country contributing 50% of the financing and future U.

S. military assistance to Ukraine counting as a contribution to the fund.The fund will be governed jointly and will have three U.

S. members and three Ukrainian members on its board. The money in the fund will be used for investments in the extraction of Ukraine's rare earth minerals, oil and gas.

The revenue will be split 50/50.Kachka said the agreement gives the U.S.

preferential access to investments in any operator that extracts rare earths in Ukraine and the first right of refusal for such investments. Key point: The agreement will be forward-looking, Kachka said. It's not aimed at repaying for U.

S. support for Ukraine — as Trump had previously described the purpose — but on giving the U.S.

the opportunity to profit from its defense of Ukraine through investments. What they're saying: "This agreement is a win-win and it is written in friendly language. it is about investments, investments and investments," Kachka said.

Bessent said earlier Wednesday that the U.S. was prepared to sign the deal "if they are" and that it was the same text the parties agreed to over the weekend.

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