President Volodymyr Zelenskyy has rejected a US proposal that would have granted Washington a 50% stake in Ukraine’s mineral wealth, citing the absence of security guarantees, AP and NYT report. The proposal, presented by US Treasury Secretary Scott Bessent, allegedly aimed to compensate the US for its previous aid to Kyiv, donated by the previous administration.
According to NYT, the proposal was presented by US Treasury Secretary Scott Bessent. The deal would have given the US a significant stake in Ukraine’s mineral deposits, including lithium, uranium, and graphite. Bessent stated on 16 February that the US wanted these resources “as payback for the aid we’ve given them.” However, it remained unclear whether this agreement would cover future military and financial assistance.
NYT sources said the proposal covered valuable mineral deposits, including lithium, uranium, and graphite. A Ukrainian official and an energy expert, speaking anonymously to NYT, said the proposal also included access to Ukraine’s oil and gas resources. Under the deal, the US would claim half of Ukraine’s earnings from mineral extraction and resource sales.
Ukrainian President Volodymyr Zelenskyy, who has previously expressed openness to leveraging Ukraine’s natural resources in negotiations with allies, publicly confirmed rejecting the deal during a press briefing at the Munich Security Conference.
“I didn’t let the ministers sign a relevant agreement because in my view it is not ready to protect us, our interest,” AP quoted him saying. NYT cited him stating, “I don’t see this connection in the document. In my opinion, it’s not ready to protect us, our interests.”
Despite rejecting the initial offer, Kyiv has opted to review the proposal and prepare a counteroffer. Zelenskyy planned to present this during his meeting with US Vice President JD Vance in Munich. However, it remains unclear whether any formal counterproposal has been submitted.
European diplomats also raised concerns, arguing that the deal bore resemblance to colonial-era resource exploitation. According to AP, a former senior Ukrainian official described the US offer as “a colonial agreement,” stating that Zelenskyy could not approve such terms.
NYT notes that this is not the first time Ukraine has linked economic agreements with national security concerns. In 2017, during Trump’s first term, Kyiv struck a deal to purchase Pennsylvania coal to replace Russian-controlled coal supplies. That agreement opened the door for Trump’s approval of Javelin anti-tank missile sales to Ukraine.
Related:
- Ukraine begins cooperation with Trump’s team on peace efforts, Zelenskyy says
- Rubio and Lavrov hold phone call, but accounts on Ukraine and sanctions differ
- US could send troops to Ukraine to guard rare earth resources, NBC reports
- Trump claims Ukraine “essentially agreed” to give US access to its rare earth minerals
- Expert: Here’s how Ukraine could capitalize on its rare earth materials
