Both the US and Ukraine have said they are broadly ready to sign a deal which would give American firms access to Ukraine’s minerals.
“We are ready to sign this afternoon if they are,” US Treasury Secretary Scott Bessent said on Wednesday, adding that Ukraine “decided to make last minute changes” to the agreement.
Ukraine’s Deputy Prime Minister Yulia Svyrydenko was flying to Washington on Wednesday after an apparent breakthrough in negotiations.
Earlier, BBC News saw a draft copy of the deal, which provides for the creation of a joint Ukrainian-US investment fund to search for minerals in Ukraine, and set outs how revenues would be split.
On Wednesday afternoon a US source familiar with the talks criticised Ukraine for seeking to re-open some terms that had already been agreed upon over the weekend.
Both US and Ukrainian teams worked through the night on Friday into Saturday to finalise the documents, as well as into the early morning on Wednesday, the source told the BBC.
They added that the sticking points include governance of the fund, the transparency mechanism, and steps to ensure that all funds are fully traceable.
Despite these last minute negotiations, the signing could still happen by the end of Wednesday if the US side believes that Ukraine is complying with already agreed upon terms, the source said.
“Nothing’s been removed,” Bessent said when asked about any changes to the deal. “It’s the same agreement that we agreed to on the weekend. No changes on our side.”
Technical documents were signed last week by representatives of both countries.
In Kyiv, Prime Minister Denys Shmyhal said that Ukraine expected the deal to be signed within “the next 24 hours”.
“This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine,” Shmyhal said.
Since returning to the White House, US President Donald Trump has repeatedly pushed for an agreement as a prerequisite to offering any future security guarantees to Kyiv, as Ukraine continues to fight against invading Russian forces.
Ukraine is believed to have vast reserves of critical rare minerals like graphite, titanium and lithium beneath its soil. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The Trump administration’s push for access to another country’s mineral wealth comes amid a growing trade war with China, where 90% of the world’s current stocks are sourced from.
The draft deal also appears to give the US sweeping access to Ukrainian industries beyond minerals.
While it does not specify security support that Washington is willing to provide in return, it states that the deal is “a tangible demonstration of the United States of America’s support for Ukraine’s security”.
The agreement comes days after Trump and Ukrainian President Volodymyr Zelensky held a face-to-face meeting on the sidelines of Pope Francis’ funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine continue.
The latest Trump-Zelensky talks appeared to be far more amicable than their meeting at the White House in February, and have led to a softening in tone from the US president towards his Ukrainian counterpart in the days that followed, as well as an increased level of criticism of Russia’s attacks.
Speaking on Wednesday, Trump said: “As you know, we’re looking for rare earth [minerals] all the time.
“They have a lot, and we made a deal, so we can start digging and doing what we have to do. It’s also good for them.”
The initial agreement was due to be signed in February, but fell apart following the heated exchange between the two leaders, when Trump accused Zelensky of “gambling with World War Three”.
