Latest details of minerals deal with US revealed – Bloomberg

Negotiators from Ukraine and the US in Washington have reached an agreement on the main content of the minerals deal but are still working on technical issues of certain documents.

Source: Bloomberg, citing sources.

Quote: "The two sides have agreed on the main accord and are now working on some technical elements in separate texts, the people said, speaking on condition of anonymity."

Details: It is noted that although both sides believe that the agreement is close, the Ukrainians hoped to sign a general agreement before finalising the details, but the US insists on agreeing on all components at the same time, one of the sources said.

Earlier, Ukraine’s PM Denys Shmyhal said that the minerals deal would be signed in the near future, adding that Economy Minister Yuliia Svyrydenko was on her way to Washington to sign it.

The sources said that the two texts that still need to be finalised relate to mechanisms for tracking funds in accordance with international standards. The US side is ready to sign the draft documents after Wednesday night's talks.

Earlier, the Financial Times reported some difficulties at the final stage of the negotiations.

Background:

• Earlier, Bloomberg reported that Ukraine was ready to sign a minerals agreement with the United States. This may happen as early as Wednesday 30 April.
• First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko went to Washington to sign the document.
• The Financial Times reported that the signing of a framework agreement on the use of minerals between Ukraine and the United States was threatened at the last minute when the Ukrainian delegation left for Washington.
• Bloomberg reports that the draft agreement calls for the creation of a joint fund to attract investment in the energy, mining, and related sectors of the Ukrainian economy.
• On 11-12 April, the Ukrainian delegation held technical consultations in Washington with President Donald Trump's administration on the minerals resource agreement.
• Ukraine’s Economy Ministry released the text of a memorandum with the United States on finalising a formal agreement on economic partnership and an investment fund for reconstruction.
• The future joint investment fund between Ukraine and the United States will have the right to invest in both mineral resource development and key infrastructure projects.

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