Ukrainian President Volodymyr Zelensky has made it clear that he is “not ready” to sign a deal that would grant US companies preferential access to Ukraine’s rare earth minerals.
A Ukrainian source close to the matter told AFP that the current draft agreement still requires significant changes before it can be accepted. The proposal, driven by US President Donald Trump as a form of compensation for tens of billions of dollars in aid delivered during Joe Biden’s tenure, has raised serious concerns in Kyiv.
Trump’s national security adviser, Mike Waltz, predicted on Friday that Zelensky might sign the deal soon, but the specifics remain murky. The source explained, “In the form in which the draft is now, the president is not ready to accept. We are still trying to make changes and add constructiveness.” The key issues, according to the source, include the lack of clear American obligations regarding guarantees or investments, and an apparent demand for an astronomical $500 billion from Ukraine.
The source questioned the very foundation of the proposed partnership: “What kind of partnership is this? And why do we have to give $500 billion? There is no answer,” they added, noting that Ukraine has already offered amendments to address some of these concerns.
In addition to the financial terms, Ukraine is insisting on obtaining robust security guarantees from the United States before any deal is finalized, given the critical nature of its natural resources and strategic minerals.
This disagreement over the deal comes at a time of heightened tensions between President Zelensky and President Trump. Earlier this week, Trump had branded Zelensky a “dictator” in a social media post—a remark that has only deepened the divisions and complicated the negotiations.
