Ukraine has reached an agreement with the United States regarding a significant minerals deal, according to a Ukrainian government source. While the U.S. has yet to officially confirm this, former President Donald Trump mentioned that Ukrainian President Volodymyr Zelenskyy expressed a desire to finalize the deal.
The agreement has evolved from its original terms, which included a request from the U.S. for a share of potential revenues amounting to $500 billion from Ukraine’s mineral resources. President Zelenskyy had previously dismissed this figure as unrealistic. Trump views the minerals deal as a way for the U.S. to recover some of the financial aid it has provided to Ukraine during its ongoing conflict with Russia.
Importantly, the deal does not include any security guarantees for Ukraine, which has been a critical request from Kyiv, especially in light of a potential ceasefire with Russia. This lack of commitment for security assurances is a significant concern for Ukraine, as it seeks to ensure its safety amidst ongoing tensions.
Once signed, the deal could pave the way for a stronger partnership between Ukraine and Trump’s administration, following weeks of strained communications. A Ukrainian source indicated that the signing of the document could happen soon, possibly during a meeting between Zelenskyy and Trump, who is expected to host the Ukrainian leader in Washington.
During a recent press conference, Trump stated that the two sides have made substantial progress in negotiating the terms of the deal. He noted that Zelenskyy would be visiting on Friday, which could be the occasion for the official signing.
The agreement outlines the creation of a fund aimed at investing in Ukraine’s natural resources, including minerals and rare earth materials. This fund will be financed by U.S. investments, with profits shared between the two nations. Ukrainian officials see this as a way to ensure that revenue from these resources helps fund Ukraine’s security and reconstruction efforts.
The Financial Times reported that the final version of the deal was completed on February 24. Ukrainian Deputy Prime Minister Olha Stefanishyna emphasized that this minerals agreement is part of a broader strategy to strengthen ties with the U.S. amid ongoing challenges related to the war with Russia.
This development comes at a time of heightened diplomatic activity, with European leaders also engaging with the U.S. on Ukraine-related matters. French President Emmanuel Macron recently met with Trump, and UK Prime Minister Sir Keir Starmer is scheduled to meet him as well. Both European leaders have expressed support for Trump’s role in pursuing peace in Ukraine.