KYIV, Ukraine — A proposal by the Trump Administration to give the U.S. $500 billion from Ukraine’s rare earth minerals as compensation for wartime assistance to Kyiv has been removed, stated President Volodymyr Zelensky during a news conference on Sunday. He indicated that a more equitable deal is being negotiated.
Earlier, Zelensky had refused a draft U.S. agreement regarding the exploitation of his country’s valuable minerals, including lithium used in aerospace, defense, and nuclear industries, due to the absence of security guarantees and the $500 billion price tag.
“The issue of $500 billion is no longer present,” Zelensky told government officials in Kyiv, marking the three-year anniversary of Russia’s full-scale invasion of Ukraine. He emphasized that considering aid as a debt would be a “Pandora’s box” that would set a precedent requiring Kyiv to repay all its supporters.
“No debt is recognized, and it won’t be in the final version of the agreement,” Zelensky stated.
No further details were provided about the state of negotiations. Ukraine has been pressing for security guarantees to deter future Russian aggression.
Trump’s special envoy to the Middle East, Steve Witcoff, expects a deal to be reached this week, allowing the U.S. to have a greater role in exploiting Ukraine’s mineral resources.
Treasury Secretary Scott Bessent said the administration’s minerals plan was to create a U.S.-Ukraine partnership, calling it a “win-win.”
“We make money if the Ukrainian people make money,” Bessent added.
Zelensky’s chief of staff, Andrii Yermak, and Economic Minister Yuliia Svyrydenko left the Kyiv forum early to discuss a potential deal with U.S. officials.
Later, Yermak posted on social media that he had a “constructive conversation” with U.S. officials, including Bessent and Trump’s national security adviser Mike Walz, stating that progress was being made and expressing gratitude to the American people.
Zelensky also stated that he would give up his presidency for NATO membership if it achieved a durable end to the fighting under the security umbrella of the NATO military alliance.
Ukraine fears a policy shift by Trump toward Russia, worrying that a quick resolution might result in Ukraine losing territory and being vulnerable to future Russian aggression.
European leaders, including Ursula von der Leyen and other top EU officials, were planning to visit Kyiv on Monday to discuss a response to the changes in U.S. policy and to maintain support for Kyiv.
On Sunday, Russia launched a record number of drone strikes against Ukraine, with Zelensky confirming 267 drones were launched, more than in any other single attack of the war. Ukraine’s air force shot down 138 drones, and three ballistic missiles were fired. One person was killed in the city of Kryvyi Rih. In response, Ukraine’s minister of foreign affairs, Andrii Sybiha, advised against trusting Putin’s words and to instead look at his actions.
Source: https://time.com/7260890/zelensky-minerals-deal-trump-us-ukraine-peace-negotiations/
