No Fine Print

The United States and Ukraine reached a draft agreement on a mineral-rights deal that could be worth up to $1 trillion, with Kyiv hoping the arrangement will secure continued US support amid tensions over Washington’s outreach to Moscow, the Wall Street Journal reported Wednesday.

The agreement, which Ukrainian President Volodymyr Zelenskyy described as a “framework economic deal,” includes the creation of a jointly-owned fund to manage Ukraine’s mineral resources, though key details – including security guarantees for Kyiv – remain unresolved.

Under the proposed arrangement, Ukraine and the US would jointly manage a fund that would allocate 50 percent of the country’s mineral proceeds to reconstruction projects. The agreement reportedly includes a reference to security guarantees, but Zelenskyy has not provided specifics. He reiterated that Ukraine’s primary goal remains NATO membership or an alternative security framework to deter future Russian aggression, Al Jazeera noted.

President Donald Trump announced the deal Tuesday, saying that Zelenskyy is expected to visit Washington on Friday to sign it. However, Zelenskyy has expressed uncertainty over the trip, noting that further discussions with Trump would determine whether the agreement succeeds or “quietly (passes) by.”

While the current memorandum does not require Ukraine to repay previous US aid, Zelenskyy added that any future assistance may need to be reimbursed through mineral revenues.

The deal comes days after Ukraine rejected an earlier US proposal that demanded $500 billion in mineral wealth without offering security guarantees. European officials criticized the initial terms, while Trump called Zelenskyy a “dictator” and falsely accused Ukraine of starting the war. US officials also held direct talks with Russian counterparts to discuss ending the conflict without Ukrainian participation.

The mineral deal has sparked diplomatic concern, particularly in Europe, where leaders fear Trump may push for a ceasefire that benefits Russia. French President Emmanuel Macron met with Trump this week, warning against an agreement that would compromise Kyiv’s sovereignty.

European allies, including Sweden and the United Kingdom, have discussed deploying military contingents to Ukraine if US support wanes, while Germany has opposed such measures in the past.

Observers explained that the deal underscores the Trump administration’s efforts to access Ukraine’s vast mineral wealth, which includes reserves of titanium, graphite, lithium, and rare earth metals.

The United States has historically relied on China for rare earth elements, and Trump has emphasized securing alternative sources to strengthen US technological and defense industries.

Meanwhile, Russian President Vladimir Putin has downplayed the agreement, saying that Russia has “significantly more resources” and is open to foreign investment in occupied Ukrainian territories.

Kremlin spokesperson Dmitry Peskov said Moscow is monitoring developments but has not commented directly on the terms of the deal, the BBC added.