Ukraine has agreed the terms of a minerals deal with the US in a significant step towards a peace settlement just days after rejecting the plans, it has been reported.
Kyiv officials have said the war-torn country is now ready to sign an agreement with Washington on jointly developing its critical resources, according to the Financial Times.
'Now government officials are working on the details', a senior Ukrainian official said. 'As of now, we are considering a visit to Washington for Friday to sign the agreement.'
It comes after the US dropped controversial demands for a right to up to $500bn in potential revenue from Ukraine's rare earth minerals.
President Zelensky refused to sign this initial proposal last week - sparking a war of words between him and Donald Trump.
The US president called Zelensky a 'dictator' and appeared to blame Ukraine for starting the war that entered its fourth year yesterday.
However, it is now believed an improved offer has been agreed between the two countries.
According to the report by the Financial Times, under the new terms a fund would be created into which Ukraine would contribute 50 per cent of proceeds from the 'future monetisation' of state-owned mineral resources.
This would include oil and gas, and associated logistics.
It would exclude, however, resources that already contribute to the Ukrainian government's finances.
There is also reportedly no reference to a guarantee of US security for Ukraine in the agreement, which Kyiv previously said was necessary for them to agree any deal.
Ukrainian officials told the Financial Times that the proposal had already been given the go-ahead by the country's justice, economy and foreign ministers.
Olha Stefanishyna, Ukraine's deputy prime minister, who has led the negotiations said: 'The minerals agreement is only part of the picture.
'We have heard multiple times from the US administration that it's part of a bigger picture.'
The agreement of a minerals deal with Ukraine has been one of President Trump's key demands in any peace settlement to end the war.
It is hoped any such agreement would pave the way for a long-term US security commitment for Ukraine.
Ukrainian officials have maintained, however, that the deal is a 'framework agreement' and that no revenue will change hands until the fund is set up.
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