Ukrainian president reveals US proposals for rare earths deal
Ukrainian President Volodymyr Zelenskyy (Photo: RBC-Ukraine, Vitalii Nosach)
Ukrainian President Volodymyr Zelenskyy, during a press conference, stated that the United States proposed several options for an agreement on rare earth metals to Ukraine. However, the deal did not include security guarantees for Ukraine.
The head of state noted that the discussion initially started with Ukraine's victory plan. The agreement was supposed to focus on protecting Ukraine's territories from Russian occupation and ensuring security guarantees.
"What are you willing to offer?" they asked. We replied that we were open to talks. You extract the resources we share but make sure that justice is restored for us. End this war; force Putin to stop. The deal also included deterrent weapons, air defense systems, and similar provisions. "I emphasize that this was a comprehensive proposal because we need security guarantees, including strengthening our military and 100% air defense protection over Ukraine," said the president.
Zelenskyy stated that the first version of the US proposal lacked security guarantees and did not meet Ukraine's request.
"The first version of the deal was something like, 'Let's split everything 50/50.' I said we would not sign this. We cannot just split everything 50/50 without understanding what awaits us in the future. If the discussion were about splitting everything 50/50, including what is currently occupied, and you [the US] would help us reclaim and restore it — that would be a meaningful conversation. I don't know about the percentages, but at least it would be clear what you're offering," he explained.
According to Zelenskyy, the second version of the proposal included a $500 billion fund. The president noted that, at this point, it became clear that the conversation was shifting toward debt repayment for the aid previously provided to Ukraine.
"Then the second version of the deal appeared, and suddenly, there was talk of $500 billion. That's when all the messages coming from the US became clear—this was about debt. The idea is that Ukraine must acknowledge the debt because the fund, where profits from resource extraction would go, would be 100% controlled by the US. This meant it was not a co-investment, but rather a debt mechanism," the president stated.
US-Ukraine rare earths agreement
It is worth noting that Ukraine and the US have been engaged in a dispute over the rare earth minerals deal.
The US seeks 50% ownership of Ukraine's rare earth resources, which is supposedly meant as compensation for the aid provided to Ukraine. However, Ukraine is not willing to agree to such terms. President Zelenskyy has repeatedly stated that Ukraine wants security guarantees to be included in the agreement.
Earlier, US officials claimed that Ukraine and the US were expected to sign the minerals deal this week. However, on February 22, Sky News reported that Zelenskyy was not ready to sign the deal due to unresolved issues.
According to Bloomberg, Ukraine has already rejected the US proposal for a $500 billion fund as part of the minerals agreement.
