Ukrainian President Volodymyr Zelensky has firmly rejected a U.S. proposal to grant Washington access to Ukraine’s rare earth mineral reserves in exchange for military aid, upping the stakes in an already complex geopolitical tug-of-war. According to reports from The Economist, The Washington Post, and Reuters, the proposal was first presented to Zelensky during a visit by U.S. Treasury Secretary Scott Bessent last week. Zelensky, however, has repeatedly deferred or outright rejected the deal, signaling a reluctance to cede control over Ukraine’s natural resources to foreign powers.
The proposed deal, which reportedly grants the U.S. rights to 50% of Ukraine’s mineral reserves, emerged during tense negotiations amid the ongoing conflict with Russia. U.S. President Donald Trump has openly stated that he wants Ukraine to “pay back” the estimated 300 billion in aid provided since 2022 by offering the equivalent of 500 billion worth of rare earth minerals. These minerals, which include lanthanum, cerium, and neodymium, are essential for technologies ranging from batteries and nuclear power to advanced weaponry.
Misaligned expectations and strategy
Zelensky’s refusal to sign the deal during the Munich Security Conference last weekend underscores a fundamental disconnect between Kyiv and Washington. While U.S. officials view the proposal as a means of recouping investments and securing long-term strategic interests, Zelensky is advocating for a more equitable partnership.
In October 2024, Zelensky unveiled his so-called “victory plan,” which included a proposal for joint use of Ukraine’s critical resources with the U.S., contingent on continued military assistance and strategic deterrence. However, at Munich, he emphasized that Ukraine was not yet ready to commit to such a deal, seeking better terms that align with the country’s sovereignty and economic interests.
“This is not about who gets what,” Zelensky reportedly told reporters at the conference. “It’s about creating a partnership that respects Ukraine’s independence and ensures a sustainable future for our people.”
Hellbound and Down 