Ukrainian President Volodymyr Zelenskiy confirmed on Sunday that the United States had dropped its demand for Kyiv to commit to paying $500 billion as part of a controversial deal to give Washington a cut of Ukraine’s mineral wealth. However, Zelenskiy made it clear that US military support must be included in any agreement, further signaling the significant differences between the two countries in negotiations.
The US had previously pressured Zelenskiy to accept a proposal to tap into Ukraine’s mineral wealth, which was introduced by US Treasury Secretary Scott Bessent during a visit to Kyiv on February 12. Zelenskiy rejected the proposal, stating that it lacked the strong security guarantees Ukraine requires in the face of ongoing Russian aggression.
The deal, which is part of the US strategy to broker a ceasefire in the three-year war with Russia, was presented as a key component of Washington’s broader diplomatic efforts, especially following direct talks with Russia in Saudi Arabia. Zelenskiy, however, stressed that the arrangement must be mutually beneficial for both Ukraine and the US, noting that he would not accept a deal that undermines Ukraine’s security.
Despite the US’s stance, Zelenskiy also rejected the argument that American companies investing in Ukraine would serve as a form of security guarantee. Instead, he insisted that military support must remain a cornerstone of any agreement.
In contrast, Bessent, speaking on Fox News, framed the proposal as an opportunity for Ukraine’s economic growth, suggesting that the partnership would focus on strategic minerals and energy, offering an “economic security guarantee” rather than a traditional military one.
The ongoing talks, however, have led to escalating rhetoric between the two sides. US President Donald Trump has referred to Zelenskiy as a “dictator,” while Zelenskiy has accused Trump of repeating Russian disinformation.
Ukraine, despite reports of vast mineral resources, does not have internationally recognized reserves of rare earth minerals that would likely yield the $500 billion Trump has proposed. The country’s critical minerals, including titanium and gallium, are not expected to be as valuable as projected by the US.
Zelenskiy, however, said Ukraine would proceed with a comprehensive survey of its mineral reserves, including clarifying their ownership status and possibly retaking assets acquired illegally.
