US presents Ukraine with deal to access its minerals but offers no guarantees

The United States has presented Ukraine with a proposal to gain access to its rare earth minerals, but offered almost nothing in return, according to media reports.

The details of the US proposal, which was a major issue in recent talks between Ukrainian President Volodymyr Zelensky and US Vice President JD Vance on the sidelines of the Munich Security Conference in Munich, Germany on Friday, were not disclosed.

However, reports citing a senior Ukrainian official familiar with the talks said Zelensky had directed his ministers not to sign off on the proposal because the deal was too focused on US interests and offered no guarantees to Kiev.

“I didn’t let the ministers sign a relevant agreement because in my view it is not ready to protect us, our interest,” Zelensky told The Associated Press on Saturday in Munich.

“For me is very important the connection between some kind of security guarantees and some kind of investment,” the Ukrainian president said. 

Zelensky did not go into details about why he instructed his officials not to sign the document, which was given to Ukrainian officials on Wednesday by US Treasury Secretary Scott Bassent on a visit to Kiev.

The US proposal was focused on how the Americans could gain access to Ukraine’s rare earth minerals “as compensation” for support already given to Ukraine by the Biden administration and as payment for future aid, the current and former senior Ukrainian officials said, speaking anonymously so they could speak freely.

Zelensky has agreed with US President Donald Trump to close a deal to receive further American military aid in exchange for developing Ukraine’s mineral industry, which could provide a valuable source of the rare earth elements that are essential for many kinds of technology.

However, when Zelensky received the US offer, he declined. “It’s a colonial agreement and Zelensky cannot sign it,” the former senior Ukrainian official explained.

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In response, a senior White House official criticized Zelensky over his decision not to accept the deal, at least for now, describing his move as “short-sighted”.

White House National Security Council spokesman Brian Hughes did not explicitly confirm the offer, but said in a statement that “President Zelensky is being short-sighted about the excellent opportunity the Trump administration has presented to Ukraine.”

The Trump administration is reluctant to send further US military aid to Ukraine and Hughes said a minerals deal would allow American taxpayers to “recoup” money sent to Kiev, while growing Ukraine’s economy. He added that the White House believes “binding economic ties with the United States will be the best guarantee against future aggression and an integral part of lasting peace.”

“The US recognizes this, the Russians recognize this, and the Ukrainians must recognize this.”

Trump promised his supporters in his re-election campaign speeches to swiftly broker a peace deal between Ukraine and Russia and stop sending billions of much-needed US taxpayer dollars to Kiev.

Likewise, Zelensky’s chief of staff Andriy Yermak had recently professed that Ukraine is “interested to work” with the Trump administration to reach a peace deal with Russia.

Ukraine, however, is concerned that any peace deal with Russia, which does not include guarantees, such as NATO membership or the deployment of peacekeeping troops, is doomed to failure.

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