US wants to sign economic partnership with Ukraine 'as soon as possible'

U.S. Treasury Secretary Scott Bessent met Ukrainian Prime Minister Denys Shmyhal and Finance Minister Sergii Marchenko on Wednesday and stressed the need to sign an economic partnership between the two countries as soon as possible, the U.S. Treasury Department said.

Why it's important
Washington has said it will walk away from efforts to broker a peace deal between Russia and Ukraine unless there are clear signs of progress soon.

After the U.S. and Ukraine reached a memo of understanding on Thursday, U.S. President Donald Trump said he expected to sign a minerals deal with Kyiv this week. An attempt in February fell apart following Ukrainian President Volodymyr Zelenskiy's Oval Office clash with Trump.

Key quotes
"Secretary Bessent reaffirmed the United States' support for Ukrainian sovereignty and emphasized the United States' dedication to secure a lasting, durable peace for the people of both Ukraine and Russia," the Treasury Department said in a statement.

"Secretary Bessent emphasized the need to conclude technical talks and sign the economic partnership between the United States and Ukraine as soon as possible."

Context
Russian President Vladimir Putin has said he wants Ukraine to drop its NATO ambitions, permanently cede to Russia the four regions it has lost and limit the size of its army. Kyiv says those demands are tantamount to demanding its capitulation.

Trump and Zelenskiy clashed again on Wednesday on efforts to end the war in Ukraine, with Trump chiding Zelenskiy for refusing to recognize Russia's occupation of Crimea. Russia annexed Crimea in 2014 and launched a full scale invasion of Ukraine in 2022.