Donald Trump has announced that Volodymyr Zelenskyy will likely visit the White House on Friday to sign an agreement concerning rare earth minerals. This agreement is intended to financially support US military aid in Ukraine’s defense against Russia’s full-scale invasion.

This announcement follows several days of intense negotiations between the US and Ukraine. During these talks, Zelenskyy claimed that the US was pressuring him to sign a massive deal worth over $500bn, which he alleged would burden Ukrainians for generations to come.

Late on Tuesday, it was reported that the parties had reached a terms agreement.

In the Oval Office, Trump mentioned, “I understand he is coming on Friday. I’m fine with that. He wants to sign it with me, and it’s a significant deal.”

According to reports by the Financial Times, the terms of the deal no longer include severe demands for $500bn worth of potential revenue from the exploitation of resources, including rare earth metals and Ukrainian oil and gas.

The agreement outlines a joint ownership of a fund for developing Ukraine’s mineral resources, with provisions for resources already contributing to the state budget. While more favorable than Washington’s initial proposal, security guarantees were not included in the framework.

Certain elements of the deal remain vague, particularly the United States’ equity stake in the new fund.

When asked about what Ukraine would obtain from the deal, Trump stated, “They will get $350bn, military equipment, and the right to fight.”

Trump further mentioned, “We basically finalized our agreement on earth and other matters. We’ll discuss broader security for Ukraine later. I believe it won’t pose any issues. Many individuals seem open to it, and I have conversed with Russia about it. They didn’t appear to object. Therefore, I believe they understand they can’t go back. So, once we move forward with this, there’s no looking back.”

Neither the US nor the Ukrainian government immediately responded to comments from the Guardian regarding whether the deal has been finalized.