Ukrainian President Voldymir Zelenkie has rejected a US bid to acquire about 50% of his country’s rights to rare earth minerals, according to several people familiar with the issue, and has traded better. You are about to negotiate.
Treasury Secretary Scott Bescent offered Zelensky the contract during his visit to Kiev on Wednesday. President Donald Trump came after suggesting that the US is paying half of Ukraine’s resources in exchange for support for war-torn countries.
Zelenskyy hopes that US and European security guarantees will be directly linked to any transaction in mineral reserves, according to four people familiar with negotiations for the US ukrane.
He is also keen to involve other countries, including the EU, in the exploitation of natural resources in the future.
However, the deal proposed by Trump and filed by Bescent only involves the US obtaining Ukrainian resources in exchange for past military aid, and did not include similar future support proposals.
“We’re still talking,” Zelensky said in Munich on Saturday. “I had a different dialogue.”
Speaking to reporters on the sidelines at the meeting, Zelensky now agrees to a US deal, “not our interests today. It’s not our interests… Sovereign Ukraine.”
A senior Ukrainian official told the Financial Times that Kiev is “trying to negotiate a better deal.”
During a visit to Kiev’s presidential office this week, Bescent brought documents Trump wanted Zelensky to sign before Becent returns to Washington.
He and Zelensky spoke to reporters before discussing the deal personally for about an hour, and Bescent described it as an “economic agreement” with Kiev to “encourse our economy further.” .
The Trump administration will “provide a long-term security shield for all Ukrainians” once the Russian war is over, and “ends to (with Kiev) by increasing our economic commitment,” Bescent said. .
“When I saw the details, there was nothing there (about future US security guarantees),” another Ukrainian official told FT.
Asked if it was a bad deal for Ukraine, a third Ukrainian official familiar with the proposal said it was a “Trump deal.” “This is a Trump deal,” the official said. “It’s tough.”
According to three people who reviewed the proposal, the main concern in Ukraine is its lack of connection with broader security assurances.
Ukrainian officials asked how the agreement would contribute to their country’s long-term security, but were only said to guarantee the presence of America in Ukrainian soil.
Bescent argued that the mere presence of Americans securing sites for mineral deposits was sufficient to block Moscow.
Another point of attachment is the specification of the document that New York is the jurisdiction over mineral rights where disputes over mineral rights are resolved, according to two people familiar with the issue.
A close to Zelensky said U.S. Ambassador Bridget Brink presented him with documents containing the proposal just before Bescent arrived in Kiev.
Kiev did not believe the proposal would be enforceable under New York law, the person said.
The documents shared by Brink were the same as those Bessent later gave to Zelenskyy. He was heading towards the “draft as of February 7, 2025.” Zelenskyy’s team was said to have been expected to sign on Wednesday during Bessent’s visit.
The US Embassy did not immediately respond to requests for comment.
Ukraine supports the concept of exchanging Ukrainian resources for future security, said someone close to Zelensky. However, the US proposal refers only to past support rather than future, and formal binding bilateral international agreements are the only way to ensure that the rights and interests of both sides are protected.
After their meeting, Zelenskyy told reporters that he would consider the proposal but would not sign anything at that point.
“We’ll review this document and work quickly so that our teams reach an agreement. The US is our strategic partner and we’re committed to finalizing the details,” Zelensky said at the time. .
Bescent said after the meeting that Trump wanted to do the deal.
“I think this document is important from President Trump’s perspective in resolving this conflict (with Russia) as quickly as possible,” he said. “We guarantee Ukrainians aid with American aid. I think this is a very strong signal for Russia about our intentions.”
Zelenskyy said he would like to discuss the prospects for mineral rights trading at the Munich Security Conference this weekend.
He made a counter offer at a meeting with US Vice President JD Vance in Munich on Friday. He also discussed with US lawmakers on the bystanders of the forum.
In a speech in Munich on Friday, Zelenskyy said his legal team will review and advise Bessent presented on Kyiv and propose potential changes. He described it as a memorandum between the US and Ukraine, not a formal security agreement.
Zelenskyy has not signed a contract because he wants to acquire others, including European countries, which are also involved in mining minerals, said a European official who explained at the conference.
“They are under intense pressure from Americans about this,” the official said.
The US proposal is a “winning plan” that Zelenskyy’s team has developed since last summer to deepen relations with the Trump administration by allowing the US access to key minerals used in high-tech industries. matches.
Ukraine has valuable minerals estimated to be worth trillions of dollars, including lithium, titanium and graphite. All of these are important in the manufacture of high-tech products. However, many of these resources are in areas under Russian occupation or at risk of being captured by the Kremlin advance forces sitting near the frontlines of eastern Ukraine.
