The United States and Ukraine are close to reaching a deal on Ukrainian mineral rights, The Wall Street Journal reported on 21 February.
The agreement could reportedly be signed today, on 22 February.
“I think they want it. They feel good about it,” President Trump told reporters in the Oval Office on 21 February.
The negotiations follow initial tensions when Ukraine refused to sign a deal presented by US Treasury Secretary Scott Bessent in Kyiv last week. Ukrainian officials said they had only hours to review the proposal. The agreement also lacked security guarantees or assurances of further military aid
“This is an agreement that can strengthen our relations, and the key is to work out the details to ensure its effectiveness,” Ukrainian President Volodymyr Zelensky said in a video address on 21 February. “I look forward to the outcome—a just result.”
According to the WSJ, US special envoy Keith Kellogg played a crucial role in advancing the negotiations during his three-day visit to Kyiv. A source close to the Ukrainian government credited Kellogg with “building trust” with Ukrainian officials.
The exact terms remain unknown. Earlier proposals reportedly included a 50% share of certain mineral deposits, with Trump requesting access to $500 billion worth of minerals. Zelensky called this “excessive,” noting US aid to Ukraine during the war totaled about $100 billion.
The WSJ reports Ukraine possesses Europe’s largest reserves of titanium and lithium, along with rare earth deposits. These resources hold strategic value for the US, particularly given tensions with China and Russia, who control significant mineral reserves globally.
According to the WSJ, despite overall progress, the agreement is not yet finalized, and final details could change at the last minute. It remains unclear whether the document will include security guarantees for Ukraine, which Kyiv had insisted upon.
Trump claimed that Ukraine “will face problems” if it doesn’t sign the agreement. He added that Washington “will get its money back.”
Suspilne reported, citing its source in the Presidential Administration, that the agreement on rare earth metals would not be signed on 22 February. “There are still unanswered questions, the document needs work,” they said.
The President’s Office reportedly had been working all previous night on the agreement on rare earths. However, the issue of security guarantees remained, Suspilne reported.
The deal emerges as US and Russian officials begin “peace negotiations” in Saudi Arabia last week without participation of Ukraine and the EU. Zelenskyy expressed concern about being excluded from these talks.
Zelenskyy announced on 12 February that US Treasury Secretary Scott Bessent had brought to Ukraine a draft agreement on access to Ukrainian minerals worth $500 billion in exchange for Washington’s aid. The President then said that the Ukrainian side wanted to study the document’s details as quickly as possible. Ukraine had refined the draft memorandum on partnership and transferred it to the American side.
Zelenskyy said on 15 February at the Munich Security Conference that he did not allow the signing of the agreement with the US on rare earth metals because it was not ready to protect Ukrainian interests.
On February 20, the administration of US President presented Ukraine with an “improved” draft agreement on mineral extraction. The President’s Office told Suspilne, public broadcasting, that work on the agreement continues.
Read also:
- Zelenskyy after meeting with Kellogg: Ukraine is ready for “strong” security and investment deal with US
- Kellogg arrives in Ukraine after Trump criticizes Zelenskyy and praises his deal-making
- Ukraine-US teams work until dawn on minerals deal as Waltz confident Zelenskyy will sign soon
