'Nothing like colonial agreement': Shmyhal on potential minerals deal with US

Ukraine and the United States are discussing the creation of a joint investment fund for the extraction of critical minerals, with Prime Minister Denys Shmyhal assuring that the potential deal will not be colonial in nature, as reported by Interfax-Ukraine during the YES special meeting.

The proposed fund would involve Ukraine contributing future revenues from mineral extraction, while the U.S. would provide financial investments in security, economic development, and infrastructure.

"This is Ukraine's contribution. The U.S. will make a contribution in the form of cash, that is, actual money, in various areas: security, economic development, capital investments in Ukraine's infrastructure. And it will be about 50-50 split into this kind of fund. Thus, this fund will be managed by both the governments of Ukraine and the United States," Shmyhal said.

Shmyhal emphasized that the agreement is still in the initial stages, with a memorandum of intent being prepared.

"That is, nothing extraordinary. Nothing like a colonial agreement is being discussed. Absolutely, I assure you once again," the premier emphasized.

Ukraine is offering similar terms to partners from Europe and other G7 countries.

This development follows U.S. President Donald Trump's statement on February 24 that the United States is close to reaching an agreement with Ukraine regarding its mineral resources.

However, Ukrainian President Volodymyr Zelenskyy has yet to sign the proposed agreements, citing overly stringent terms.

The European Union has also proposed a "win-win" deal with Ukraine for the extraction of critical minerals, offering an alternative to the U.S. proposal.