Kyiv hopes that an agreement will lead to better relations between the countries and American security guarantees.
Sources state that the countries, according to the draft, will jointly extract resources – including minerals as well as oil and gas – and that Ukraine is ready to sign since Washington dropped the demands for rights to Ukrainian natural resources worth $500 billion (equivalent to 5,300 billion kronor).
According to sources, Kyiv has managed to negotiate significantly better terms.
"Part of the picture"
The agreement, however, omits any reference to American security guarantees that Kyiv originally insisted on in exchange for agreeing to the deal.
The mineral agreement is only part of the picture. We have heard several times from the American administration that it is part of a larger picture, said Olha Stefanisjyna, Ukraine's Vice Prime Minister, earlier on Tuesday to Financial Times.
The initial demands from Washington were presented by US President Donald Trump as a way to get back money for the military and economic support the US has given Ukraine over the three years since Russia's full-scale invasion began.
The demands have led to fierce criticism from Ukraine and its European allies.
According to the latest draft – dated February 24 and read by Financial Times – a fund will be established where Ukraine will put in 50 percent of future revenue from state-owned assets such as minerals, oil, and gas. The fund will invest in various projects in Ukraine.
The draft states that the US will support Ukraine's future economic development. This is something Kyiv has achieved in the negotiations, according to sources.
Very unclear
On the other hand, it does not include assets that already contribute to the Ukrainian state treasury.
It also omits important questions such as the size of the US stake in the fund and the terms for future joint ventures.
This will be ironed out in follow-up agreements.
Sources emphasize that it concerns a "framework agreement", and that no revenue will change hands before the fund is in place. This gives time and space to resolve any disagreements.
According to sources for AFP, Ukraine may sign the agreement in Washington as early as Friday.
President Volodymyr Zelenskyj will, however, first need approval from Ukraine's parliament, where opposition members have signaled that they will at least demand a heated debate before ratifying such an agreement.
