Trump announces Zelenskyy’s visit to sign rare earth mineral agreement

Wednesday 26 February 2025 - 10:04

Donald Trump revealed that Volodymyr Zelenskyy is expected to visit the White House on Friday to sign a deal concerning rare earth minerals, intended to fund U.S. military aid for Ukraine’s defense against Russia’s ongoing invasion.

The announcement came after several days of tense negotiations between the U.S. and Ukraine, during which Zelenskyy accused the U.S. of pressuring him into agreeing to a $500 billion deal that would burden Ukraine for generations. Reports indicated that the agreement’s terms had been finalized by Tuesday.

Trump confirmed the visit, saying he was fine with Zelenskyy attending and that the signing would be a significant event. The Financial Times, which broke the news, reported that the revised deal no longer included provisions for the U.S. to claim $500 billion in potential revenue from exploiting Ukraine’s natural resources, such as rare earth metals, oil, and gas.

The new deal would establish joint ownership of a fund to develop Ukraine’s mineral resources, with certain protections for those already contributing to the Ukrainian state budget. Though more favorable to Ukraine than the initial U.S. proposal, the deal does not include the long-term security guarantees that Kyiv had sought.

Key details, such as the U.S. stake in the new fund, remain unclear. When asked about Ukraine’s share, Trump said Ukraine would receive $350 billion, military equipment, and the opportunity to continue fighting for its sovereignty.

The initial U.S. proposal, which sought a 100% financial interest in the fund from which revenue from resource extraction would flow, sparked outrage in Ukraine and among European allies. Zelenskyy had firmly rejected the proposal, stating that he would not sign a deal that would burden generations of Ukrainians with debt.

The minerals in question are crucial for modern technology, including batteries, titanium production, and electronics. Ukrainian officials confirmed that negotiations were close to completion, with hopes that both U.S. and Ukrainian leaders would sign the agreement soon to demonstrate long-term commitment.

Meanwhile, Russian President Vladimir Putin proposed a similar agreement to develop Russia’s mineral resources, including those in occupied Ukrainian territories. Dmitriev, Putin’s newly appointed envoy, emphasized Russia’s superior resources compared to Ukraine’s and highlighted Moscow’s interest in economic cooperation.