Zelensky agrees to US minerals deal after Trump rows back demands

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Ukraine's President Volodymyr Zelensky is expected to sign the agreement in Washington DC as early as this Friday, resolving a contentious dispute with the US president over the deal's terms.

The draft agreement doesn't require Ukraine to use its natural resource earnings to repay the United States up to $500 billion, a key request of Mr. Trump, who has stated that the US "got nothing back" from its support of the Ukrainian war efforts.

Kyiv will contribute 50 percent of the funds generated from future mineral and energy reserve developments to a shared fund that will be used to invest in projects within Ukraine.

The size of the U.S. investment in the fund is not part of the agreement, but it's been reported that the terms of "joint ownership" will be discussed in subsequent agreements.

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Speaking to reporters in the Oval Office on Tuesday, President Trump didn't confirm that a deal had been finalized but said Kyiv received $350 billion for the agreement, the amount the president claims the US has already given to Kyiv, and "the right to fight on".

He's very courageous," he said, but "without the United States and its financial support and military resources, this conflict would have ended in a very short period of time.

He stated that U.S. supplies of weapons to Ukraine will keep going "until we have a deal with Russia".

Mr. Trump also denied speaking with Vladimir Putin, the Russian President, about obtaining minerals from Russian-controlled areas of Ukraine.

The US was open to striking a minerals deal with Russia, he added.

"We'd also like to purchase minerals on Russian soil if that's possible," Mr. Trump stated.

“They have excellent rare earth resources and underutilized land, making it a prime location for potential development.”

who needed to cut a rapid peace agreement or lose his country.

President Zelensky refused to sign an agreement that he claimed was disadvantageous to his country, requiring payments of "for the next 10 generations".

He had also insisted on firm security assurances from the US against any future Russian aggression.

The agreement doesn't provide any explicit US security assurances, but Ukrainian officials view it as a means of getting America invested in the country's stability and long-term survival.

The minerals deal is set to be signed by Andriy Sybiga, Ukraine's foreign minister, and Marco Rubio, the US secretary of state, according to news site Ukrainska Pravda.

In other details, the two countries will establish a "Reconstruction Investment Fund," which will be "calculated based on the actual contributions made by the countries to it."

The US also "intends to make a financial commitment to Ukraine," which will be determined separately, the website reported.

Reuters news agency reported that Ukraine's cabinet was expected on Wednesday to recommend that the agreement be finalized.

A senior Ukrainian official told AFP news agency that the deal may be signed in Washington on Friday when President Zelensky is expected to be in the US, according to reports.

President Trump stated that President Zelensky is welcome to visit the White House.

He's coming on Friday, and I'm fine with it if he wants to.

Mr. Trump said, "I spoke with President Putin, I believe he wants to resolve the issue and get back to normal life."

Critics of Washington's proposals had accused President Trump of attempting to blackmail Ukraine and force the war-torn nation to sign the agreement.

News that it had been agreed came out at the same time as reports that the European Union is seeking its own deal to share in Ukraine's mineral wealth.

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“Twenty-one of the 30 critical materials Europe needs can be provided by Ukraine in a mutually beneficial partnership,” the French official stated after a meeting with Ukrainian officials.

“The value Europe brings to the table is that we will never ask for a deal that’s not beneficial to both parties.”

Mr. Sejourne's comments are probably going to be seen in Washington as an effort to insert himself into the US president's proposed agreement.

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On Tuesday, the European Commission attempted to downplay the comments made by Mr. Sejourne, stating that "no proposal" had been presented at his meetings in Kyiv.

A spokesperson stated that he was referring to a Memorandum of Understanding between Brussels and Kyiv regarding critical materials signed in 2021.

"This is about cooperation with Ukraine, not competition with the US," he stated.

Critics of Washington's plans have accused President Trump of attempting to coerce Ukraine and bully the war-torn nation into approving the agreement.

The proposed US-Ukraine minerals deal may provide one of the most transparent examples of how the country could be divided as part of any potential peace agreement.

Much of Ukraine's mineral deposits are located in areas currently under control by Russian forces.

On Monday, Putin stated he would be willing to allow the US to access rare earths in both Russia and occupied Ukraine.

The Russian president stated, "We undoubtedly have, I want to emphasize, significantly more resources of this kind than Ukraine."

"The new territories are the same as before. We are prepared to draw in foreign partners to the newly regained, historically Russian territories that have been returned to the Russian Federation," he added.

President Trump is probably feeling optimistic about his Russian counterpart's comments because he's worried that China might have asked Russia for access to its rare earth resources in exchange for military support during the war.

Moscow and Beijing have become increasingly close allies and have solidified their relationship by signing a "no limits" partnership agreement.

During his first term in the White House, President Trump attempted to limit China's access to cutting-edge technologies, including semiconductors and electric vehicles.

The rare earths and minerals found beneath Ukraine and Russia are crucial for producing these technologies.