Ukrainian President Volodymyr Zelenskyy has rejected a United States proposal to take ownership of 50% of Ukraine’s rare earth mineral rights in exchange for past military assistance.
The offer was reportedly made by U.S. Treasury Secretary Scott Bessent during his visit to Kyiv on Wednesday, following remarks by former U.S. President Donald Trump suggesting that the U.S. was owed half a trillion dollars’ worth of Ukraine’s resources.
According to the Financial Times, Zelenskyy is seeking U.S. and European security guarantees to be directly linked to any agreement on Ukraine’s mineral reserves.
He also wants EU nations and other allies to be involved in future resource exploitation rather than granting exclusive rights to the U.S.
The proposal presented by Bessent, however, only referenced U.S. access to Ukrainian resources without including provisions for future military support.
Speaking at the Munich Security Conference on Saturday, Zelenskyy confirmed ongoing discussions but stressed that the deal in its current form does not align with Ukraine’s national interests.
“We are still talking. I have had different dialogues,” Zelenskyy told reporters.
He further emphasized that it was “not in our interests today… not in the interests of sovereign Ukraine” to accept the proposal as it stands.
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