A Deal That Isn’t, A Shift That Is

As Washington and Kyiv sign a minerals MOU, the real story unfolded in Paris—where Europe claimed its seat, and Ukraine’s preemptive warning shaped the tone of the ceasefire talks.

Yulia Svyrydenko, Deputy Prime Minister, Minister of Economy of Ukraine

Woof. Yesterday was one of those days.

So many things—important things—happened all at once.

After months of back-and-forth, refusals, declarations of intent, disappointments, and dead ends, the long-stalled minerals deal proposal between Ukraine and the United States finally took a small step forward. Ukraine’s Deputy Prime Minister Yulia Svyrydenko and U.S. Treasury Secretary Scott Bessent signed a Memorandum of Intent—an agreement that, according to Ukraine’s Prime Minister, could pave the way toward a formal Economic Partnership Agreement and an Investment Fund for the Reconstruction of Ukraine.

Let’s be clear: this isn’t a deal. It’s a framework. A polite handshake, with more media coverage than substance. But that’s okay. Sometimes, we need the choreography before the dance.