Ukrainian President Volodymyr Zelensky has instructed his aides to reject a Trump administration proposal that would grant the U.S. significant access to Ukraine’s rare earth minerals, a senior Ukrainian official confirmed.
U.S. officials framed the proposal as a form of repayment for Washington’s support since the war with Russia began, but Zelensky declined, citing insufficient security guarantees for Ukraine.
Despite rejecting this particular deal, Ukrainian officials have acknowledged that Zelensky has supported exchanging “critical resources” for continued U.S. aid. They called the idea part of the “Victory Plan” he presented to Trump in a meeting last fall.
Treasury Secretary Scott Bessent first presented the draft agreement to Zelensky last week, offering the U.S. a 50% stake in Ukraine’s rare earth minerals. “I didn’t let the ministers sign a relevant agreement because in my view it is not ready to protect us, our interest,” Zelensky said at the Munich Security Conference, as first reported by The Associated Press.
Zelensky declined to sign the draft when Bessent presented it during their meeting in Kyiv on Wednesday, saying he needed more time to review the terms and consult with advisors, according to officials familiar with the talks.
In a recent Fox News interview, President Trump stated he wanted the U.S. to secure $500 billion worth of Ukraine’s rare earth minerals, claiming Kyiv had “essentially agreed to do so.” Ukraine holds some of the world’s largest reserves of titanium and iron ore, key materials for advanced technology, though many of these deposits are now in Russian-controlled areas.
Trump has questioned the extent of American aid, previously referring to Zelensky at a campaign event as “the greatest salesman of all time.”
