Zelenskyy shuts down Trump bid to take rights to 50% of Ukraine's rare earth reserves: Report

President Volodymyr Zelenskyy has reportedly rejected a US proposal to take control of about 50 per cent of Ukraine’s rare earth mineral rights.

The war-torn country’s leader is instead seeking a deal with stronger security guarantees, Financial Times reported citing multiple people familiar with the negotiations.

The proposal was delivered by US Treasury Secretary Scott Bessent during a visit to Kyiv on Wednesday (February 12), following remarks by President Donald Trump suggesting the US was owed half a trillion dollars’ worth of Ukrainian resources in exchange for the military assistance it has received from Washington.

Zelenskyy is pushing for any deal on mineral reserves to be tied to long-term American and European security commitments, four people familiar with the talks said. He also wants other countries, including European Union states, involved in resource development.

However, the proposal from Trump’s administration, presented by Bessent, focused only on the US receiving access to Ukraine’s resources in return for past military aid and did not include provisions for future support, Financial Times quoted a person familiar with the document as saying.

On Saturday (February 15), at the Munich Security Conference, Zelenskyy said “We are still talking[…]I have had different dialogues.”

Speaking to reporters, Zelenskyy said the US proposal was not in the interests of sovereign Ukraine.

A senior Ukrainian official said that Kyiv was “trying to negotiate a better deal.”

Concerns over US proposal

During his visit to the presidential office in Kyiv, Bessent brought a document that Trump wanted Zelenskyy to sign before his return to Washington, five people familiar with the matter said.

Before a private meeting with Zelenskyy that lasted about an hour, Bessent described the agreement as an economic partnership that would “further intertwine our economies.”

He said the Trump administration was committed to increasing economic ties with Ukraine, which would provide a “long-term security shield” after the war.

According to three people who reviewed the proposal, Ukraine’s primary concern is the absence of clear links to broader security commitments.

Ukrainian officials asked how the agreement would contribute to long-term security but received only vague assurances that a US presence at mineral sites would deter Russia.

Another point of contention is the proposal’s provision that disputes over mineral rights be resolved under New York law, two sources said. A person close to Zelenskyy said US Ambassador Bridget Brink presented him with the proposal just before Bessent’s arrival, without prior notice.

Kyiv does not believe the agreement would be enforceable under New York law, the person added.

Despite rejecting the current terms, Ukraine has not closed the door on a deal.

The US has provided billions of dollars in military and financial assistance to Ukraine since Russia’s full-scale invasion in 2022.