The U.S. and Ukraine are closing in on minerals agreement worth hundreds of billions of dollars under which the U.S. would express its desire to keep Ukraine "free, sovereign and secure".

Axar.az reports that citing Axios, a Ukrainian official said that a deal is close and could be signed as soon as Monday.

According to publication, the draft agreement calls for the establishment of a "Reconstruction Investment Fund" that will be co-managed by the U.S. and Ukraine. "The Government of the United States of America intends to provide a long-term financial commitment to the development of a stable and economically prosperous Ukraine," the draft says. It adds that the fund will be designed "so as to invest in projects in Ukraine and attract investments to increase development," including in areas like mining and ports. But it also suggests the U.S. will recoup some of its expenditures related to "defending, reconstructing, and returning Ukraine" to its pre-war GDP.

The draft expresses a desire that Ukraine remain free, but does not specify any U.S. military commitment.

It also stipulates that Ukraine must contribute $500 billion to the fund — and that Ukraine's contributions must be double the U.S contributions — but it does not call for that sum to be paid to the U.S.

The draft calls for 50% of Ukraine's revenues (minus operating expenses) from "extractable materials" — including minerals, oil and gas — be paid into the fund.