Ukrainian President Volodymyr Zelenskyy rejected a proposal from U.S. officials that would grant the United States access to Ukraine’s rare earth minerals in exchange for support. Zelenskyy felt the agreement did not include adequate security guarantees for Ukraine and did not want to sign it. The proposal, which would have given the U.S. 50% ownership of Ukraine’s rare earth minerals, was first presented by Treasury Secretary Scott Bessent. U.S. officials believed the deal would secure an enduring partnership between the two countries and could help prevent future aggression. However, Zelenskyy declined to sign the draft and wanted to study it further.
The U.S. officials were open to deploying American troops to guard the minerals in Ukraine, but only after a deal was reached with Russia to end the war. President Trump had expressed interest in getting $500 billion worth of Ukraine’s rare earth minerals, as they have some of the world’s largest reserves of titanium and iron ore. Zelenskyy had previously supported the idea of exchanging critical resources for U.S. support as part of his Victory Plan.
During an interview at the Munich Security Conference, Zelenskyy emphasized the importance of U.S. support for Ukraine’s survival. However, Trump has questioned the amount of support sent to Ukraine in the past. Despite Trump’s interest in Ukraine’s rare earth minerals, Zelenskyy did not feel comfortable agreeing to the proposal without adequate security guarantees for his country.
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