Kyiv and Washington are on the verge of signing a deal giving the United States preferred access to Ukraine's mineral resources, including rare earth materials, as pressure builds on Russia and Ukraine to reach a peace deal to end Europe's longest conflict since World War II.
US Treasury Secretary Scott Bessent said on April 30 that Washington and Kyiv could sign the deal as soon as "last-minute" issues are smoothed out.
"Our side is ready to sign. The Ukrainians decided last night to make some last-minute changes," Bessent said. "We're sure that they will reconsider that, and we are ready to sign this afternoon if they are."
Ukrainian Prime Minister Denis Shmyhal said on state television the agreement, which he characterized as a "real partnership deal," could be signed within the next 24 hours as soon as all the remaining details are finalized.
"This is truly a good, equal, and beneficial international agreement on joint investments in the development and recovery of Ukraine," he said.
What's The Significance Of A Minerals Deal?
Ukraine is looking for the deal to shore up waning US support that has been key in Kyiv's battle to repel Russia's full-scale invasion, launched in February 2022.
Shmyhal gave no details of the deal, but Reuters quoted a draft as saying a joint US-Ukrainian fund for reconstruction would be created where half of the profits and royalties accruing to Ukraine from new natural resources permits will form Kyiv's contribution.
In turn, future US military assistance to Ukraine will count toward Washington's contribution to the fund.
Reaching a deal to give US companies access to Ukraine's mineral resources -- so-called rare earth minerals, as well as other valuable resources like lithium, titanium, uranium, and even oil and gas -- has proved difficult, with clashes and acrimony highlighting the talks.
A fiery clash at the White House between Trump and Zelenskyy in front of the international media derailed the talks in late February. Last month signs of discord emerged again when Trump charged that Zelenskyy was looking to back out of the deal while it was still being negotiated and warned that the Ukrainian leader would face "big, big problems" if he did.
Rubio Says Clock Running Out On US Peace Efforts
News of the minerals deal came hours after US Secretary of State Marco Rubio warned that unless Russia and Ukraine put forward specific plans for ending the war in Ukraine, the United States will curtail its efforts to mediate.
State Department spokeswoman Tammy Bruce cited Rubio as saying that the time had been reached at which "concrete proposals need to be delivered by the two parties on how to end this conflict."
If there is not progress, the United States "will step back as mediators in this process," Bruce told reporters on April 29.
Later that day at a UN Security Council meeting, US diplomat John Kelley blamed Russia for the continuing bloodshed, saying it had "regrettably" carried out high-profile strikes "causing needless loss of life, including of innocent civilians."
"Right now, Russia has a great opportunity to achieve a durable peace," Kelley said, while adding that the burden for ending the war rests with Russia and Ukraine.
"It is up to the leaders of both these countries to decide whether peace is possible. If both sides are ready to end the war, the United States will fully support their path to a lasting peace," he said.
Meanwhile, Ukrainian Foreign Minister Andriy Sybiha on April 30 reiterated Kyiv's "readiness for peace talks in any format as soon as we see that Russia is truly prepared for the difficult path to peace."
Sybiha called Russian President Vladimir Putin's April 28 announcement of a three-day cease-fire on May 8-10 to mark the 80th anniversary of the victory of the Soviet Union and its allies in World War II "peace populism or a brief propaganda cease-fire for the May 9 parade."
"Russia can demonstrate its genuine readiness for peace talks by agreeing to a real ceasefire for at least 30 days. If Russia is ready for a 60- or 90-day cease-fire, we are too," Sybiha said in a statement on X social network.
"Russia must stop talking about its readiness for peace and start acting by agreeing unconditionally to a real and durable cease-fire. When the guns are silent, talks can begin -- in any format that will bring peace," Sybiha added.
Trump said he believes Putin wants to end the war in Ukraine, telling ABC in an interview broadcast on April 29, "I think he does," when asked if Putin wants peace.
Zelenskyy also questioned earlier the need to wait until the anniversary for a cease-fire and called for an "immediate, full, and unconditional" 30-day truce.
Kremlin spokesman Dmitry Peskov on April 30 acknowledged Washington wants to see rapid progress in ending the war in Ukraine but emphasized that the process is highly complex and first requires resolving many outstanding issues.
"We understand that Washington wants quick success in this process," Peskov told reporters. "But at the same time, we hope there is an understanding that the resolution of the Ukrainian crisis is a very complex process, with many questions and details that need to be settled beforehand."
He also stressed any agreement must be made "with Ukraine, not the US," adding that while Washington is acting as a mediator, "we are grateful to the US for these efforts."
Peskov further recalled that Putin recently reiterated his willingness to hold direct talks with Ukraine, but "Kyiv has not responded" to this offer.
Trump and his envoys have been pressing Ukraine to agree to a cease-fire. At the same time the US president has been urging Russia to stop attacking Ukraine. In the interview with ABC, Trump said he "was not happy when I saw Putin shooting missiles into a few towns and cities."
Trump reportedly has suggested an official recognition of Russia's takeover of Crimea -- an annexation rejected by nearly all the world -- in addition to land swaps.
Zelenskyy has held firm against formal international recognition of Russia's 2014 takeover of Crimea.
"We all want this war to end in a fair way -- with no rewards for Putin, especially no land," Zelenskyy said on April 29 in a videoconference at a summit organized by Poland.
At the Security Council, France and Britain praised US mediation, while criticizing Russia, which launched more drone attacks late on April 29, hitting the cities of Dnipro and Kharkiv.
Jean-Noel Barrot, France's minister for Europe, said Kyiv had demonstrated goodwill and called Putin the sole obstacle to a cease-fire by seeking Ukraine's "capitulation."
Russia's UN ambassador, Vasily Nebenzya, rejected allegations that Russian forces had targeted civilians and accused Ukraine of using civilians or human shields by positioning air defenses in heavily populated areas.
He accused Kyiv of recklessly rejecting balanced US peace proposals and targeting Russian civilians, while saying it was increasingly difficult for Western backers of Zelenskyy's government to conceal its "brutal, misanthropic, and Nazi essence."
Mariana Betsa, a Ukrainian deputy foreign minister, told the Security Council that Russia wants Ukraine to surrender and Kyiv could not accept peace at any cost.
She said Ukraine would never recognize any temporarily occupied territories of Ukraine as Russian, including Crimea, which Moscow has held since 2014.
With reporting by Reuters