Zelenskyy-Vance talks in Munich end without deal on rare earth minerals

Talks between Ukrainian President Volodymyr Zelenskyy and US Vice President JD Vance ended in Munich on Friday without a deal on rare earth minerals, which is key to gaining President Donald Trump’s support.

Kyiv had earlier sent a revised draft of the agreement to the US, hoping to open its mineral resources to American investment. This came after concerns over the US version of the deal presented to Ukraine on Wednesday.

“Our teams will continue to work on the document,” Zelenskyy said in a post on X, adding that he had a “good meeting” with Vance. He said Kyiv was “ready to move as quickly as possible towards a real and guaranteed peace.”

Two members of the Ukrainian delegation told Reuters that “some details” still needed to be worked out.

It was not immediately clear what the sticking point was, but Ukraine is pressing for robust security guarantees from Europe and the United States that would protect it from Russia in the future if a peace deal is reached.

Zelenskyy set out the contours of the deal in a Reuters interview last week, unfurling a map showing numerous mineral deposits and saying he was offering a mutually beneficial partnership to develop them jointly rather than “giving them away.”

The minerals in question include rare earth varieties, as well as titanium, uranium, lithium, and others.

Trump, who has not committed to continuing vital military assistance to Ukraine, has said he wants $500 billion in rare earth minerals from Kyiv and that Washington’s support needs to be “secured.”

Asked earlier if a deal would be agreed on Friday, Vance said: “Let’s see.”

Ukraine was presented with a draft accord drawn up by the United States on Wednesday when Treasury Secretary Scott Bessent travelled to Kyiv. Zelenskyy said Ukraine would study it with a view to reaching an agreement in Munich.

Bessent told Fox Business Network on Friday that the Trump administration’s plan to end the war would intertwine Kyiv’s economy with the United States, with the US bringing its “best practices” of privatisation.

He said: “Part of it starts with intertwining the … Ukrainian economy more with the US, and making sure that US taxpayers receive the return for the money they put in.”

‘One-sided offer?

Meeting for 90 minutes with a bipartisan group of US senators behind closed doors in Munich, Zelenskyy voiced concern about the US proposal presented on Wednesday, three sources familiar with his presentation said.

With inputs from Reuters