WP: Zelenskyy “politely refuses” US demand for 50% of Ukraine’s minerals

Zelenskyy reportedly refused to sign a deal granting the U.S. 50% of Ukraine's future rare earth reserves after talks at the Munich Security Conference.

Zelenskyy “politely refused” the proposal put forward by members of the U.S. Congress, Caliber.Az reports per The Washington Post.

The Ukrainian leader also discussed a potential deal on critical minerals with U.S. Vice President JD Vance at the conference, but the meeting concluded without an announcement.

“Our teams will continue to work on the document,” Zelenskyy posted on X. “We are ready to move as quickly as possible towards a real and guaranteed peace. We deeply value President [Donald] Trump’s determination, which can help stop the war and secure justice and security guarantees for Ukraine.”

Trump had stated last week that he wanted Ukraine to supply rare earth minerals to the United States in return for U.S. financial support.

“We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earths and other things,” Trump said on February 3 at the White House, explaining his administration’s strategy to quickly end the conflict. Rare earth minerals are essential for the U.S. economy and national security, and Ukraine has significant deposits.

On February 4, Zelenskyy had signalled openness to international cooperation on developing Ukraine’s mineral resources, saying, “all of this can be developed together, along with our partners who can help us protect our lands.”

At the Munich conference, the Ukrainian delegation presented the U.S. side with a revised draft agreement on rare earth metals, amid concerns in Kyiv over a U.S. proposal submitted on February 12.

According to Ukraine, the revised draft could pave the way for substantial U.S. investment in the country’s vast mineral reserves. However, two members of the Ukrainian delegation told Reuters that “some details” remained unresolved, without specifying the sticking points.

The original U.S. draft was put forward by Treasury Secretary Scott Bessent, who visited Kyiv earlier this week in an effort to finalize an agreement in Munich.

Bessent told Fox Business Network that the Trump administration’s plan to end the war would “intertwine” Ukraine’s economy with the United States and ensure that “U.S. taxpayers receive the return for the money they put in.”

During a closed-door 90-minute meeting with a bipartisan group of U.S. senators in Munich, Zelenskyy raised concerns about the U.S. proposal, according to three sources familiar with the discussions.

One source, speaking on condition of anonymity, said Zelenskyy “felt he was being asked unreasonably to sign something he hadn’t had a chance to read. I don’t think he appreciated being given a take-it-or-leave-it thing.”

Zelenskyy instead presented his own proposal for a mineral deal with the U.S., which, according to the source, was drafted in line with Ukraine’s constitution.

Two other sources described the U.S. proposal delivered by Bessent as “one-sided” but declined to provide further details.

Following the talks, Zelenskyy’s office said in a statement that Ukraine and the United States had “agreed to continue their work on drafting the document on economic partnership between the two countries.” The statement reiterated Ukraine’s demand for “real security guarantees.”

Zelenskyy also met with a delegation of U.S. House of Representatives members, led by Representative Michael Turner (Republican-Ohio), and briefed them on battlefield developments, including the Kursk operation and the threat posed by North Korea’s involvement in the conflict.

He underscored the need for “reliable security guarantees,” adding, “It is important to achieve a guaranteed and lasting peace as soon as possible through our joint strength.”

By Aghakazim Guliyev