The agreement would allow the US to jointly develop Ukraine’s mineral resources, with revenues directed to a newly established fund that would be “joint for Ukraine and America”, according to a senior Ukrainian source who spoke to AFP.

Ukraine has also asked for security guarantees from the US as part of any peace agreement.

Which critical minerals does Ukraine have?

Ukraine also claims to have 500,000 tons of lithium reserves and one-fifth of the world’s graphite, a crucial part of nuclear power stations, according to European Commission research.

Currently, the US relies on China for these minerals, but the deal with Ukraine could help reduce this dependency.

Why does the US want them?

Meanwhile, the US depends entirely on imports for 12 key minerals and imports an additional 50 per cent of several other rare elements.

If tariffs escalate between the two nations, US access to China’s processed minerals could be under threat.

Will the US offer security to Ukraine in return for minerals?

Trump told reporters he is expecting his Ukrainian counterpart in Washington to sign the deal later this week.