Trump to Sign Rare Minerals Deal with Zelensky in Washington Friday

The information was obtained by the Financial Times (FT), which had access to the final document of the agreement, and was commented on by Ukrainian officials. The text of the agreement does not contain explicit security guarantees, but Ukrainian officials consulted by FT claim they have negotiated much more favorable conditions for Ukraine and described the agreement as a way to strengthen relations with the U.S. and enhance Ukraine’s prospects after three years of war.

The agreement provides for the establishment of a fund in which Ukraine will contribute 50% of the money obtained from the “future monetization” of state-owned mineral resources, including oil and gas, as well as associated logistics. The fund is expected to invest in projects within Ukraine. The agreement excludes mineral resources that already contribute to the Ukrainian government’s revenues, meaning it will not apply to the revenues of Naftogaz or Ukrnafta, Ukraine’s largest gas and oil producers.

However, the agreement omits any reference to U.S. security guarantees, which Kyiv had insisted on. Additionally, other key issues, such as the U.S. stake in the fund and the terms of the co-ownership agreement, will be clarified in the future. Nevertheless, the agreement states that the U.S. will support Ukraine’s economic development moving forward.

The announcement of the agreement comes after Volodymyr Zelensky previously rejected Donald Trump’s proposal to cede half of Ukraine’s minerals, including oil, gas, and associated infrastructure, up to a value of $500 billion. The U.S. president justified his request by arguing that Ukraine must repay the aid provided by the U.S. Kyiv dismissed the demand as excessive, sparking outrage in Washington. Trump called Zelensky a “dictator” and accused him of being responsible for starting the war in Ukraine.

Ukrainian officials stated that the agreement was approved by the Ministers of Justice, Economy, and Foreign Affairs and mentioned that Zelensky might travel to the White House in the coming weeks for a signing ceremony with Trump. However, officials cited by FT emphasized that the agreement must be approved by the Ukrainian parliament and will not take effect until the joint fund is established.