JAKARTA - Ukraine and the United States are making "substantial progress" in talks on mineral deals. The two countries will sign a memorandum of understanding in the near future.
US President Donald Trump is working on a bilateral mineral deal as part of his efforts to end Ukraine's war against the Russian invasion.
Trump also sees it as a way to get back the billions of dollars that the US has spent on military aid to Ukraine.
Meanwhile, President Volodymyr Zelenskyy said Ukraine would not recognize US military assistance earlier as a loan.
"Our technical team has worked closely in the agreement, and there is significant progress. Our legal staff has adjusted several items in the draft agreement," said Ukraine's first Deputy Prime Minister Yulia Svyrydenko.
Svyrydenko said the drafting of the agreement would continue and both sides agreed to sign a memorandum of understanding in the near future as the first phase to record progress.
The United States is currently reducing cost estimates for aid provided to Ukraine since Russia's 2022 invasion to around $100 billion from $300 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Last month, the Trump administration proposed a wider new mineral deal, which does not provide future security guarantees for Ukraine, but requires it to place all revenue from exploitation of natural resources by state-owned and private companies across Ukraine into joint investment funds.
The upcoming deal will require ratification in Ukraine's parliament and is expected to help economic growth in both countries, Svyrydenko said, but did not provide further details.
"This will create opportunities for investment and development in Ukraine and build conditions for real economic growth for Ukraine and the United States," he said.
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