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A multi-billion-dollar mineral deal between the United States and Ukraine will be signed soon, President Donald Trump said on Monday.

The President confirmed this at the Oval Office after a bilateral meeting with the visiting French President, Emmanuel Macron.

“It looks like we’re getting very close; the deal is being worked on,” he said. “We’re getting very close to reaching an agreement.”

Trump said his country would recover the money spent on the war “over a period of time,” adding that the deal would be “very beneficial” to Ukraine.

According to Trump, the United States has spent $350 billion to help Ukraine defend itself against Russia since the invasion on 24 February 2022.

Olga Stefanishyna, a Ukrainian deputy prime minister, indicated that negotiations had been very constructive, “with nearly all key details finalised.”

The official expressed her country’s strong commitment to completing the agreement swiftly and proceeding with its signature.

“We hope both US and UA leaders might sign and endorse it in Washington as soon as possible to showcase our commitment for decades to come,” Stefanishyna posted on X.

The US will gain access to hundreds of billions of dollars’ worth of Ukraine’s minerals as refunds. Under the first draft of the deal, both countries would equally split up to $500 billion in profit.

The second draft reportedly requires the European nation to relinquish its minerals, oil and gas revenues, and earnings from ports and other infrastructure. The target is $500 billion.