A resources deal between Washington and Kyiv is nearing completion, though differences remain in how each side portrays the arrangement.
President Donald Trump struck an upbeat tone Wednesday, claiming victory with a finalized agreement. “We’ve been able to make a deal where we’re going to get our money back and a lot of money in the future,” he told reporters.
Ukraine President Volodymyr Zelenskyy‘s assessment proved far more measured. At a Kyiv press conference, he described the potential pact as a “big success” while explicitly rejecting any notion of debt repayment.
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“I will not accept even 10 cents of debt repayment in this deal,” Zelensky said. “Otherwise, it will be a precedent.”
The core framework involves a jointly managed investment vehicle funded by half the profits from yet-to-be-developed Ukrainian resource projects, according to a draft reviewed by CNN. Ukrainian Prime Minister Denys Shmyhal stressed that existing resource operations would remain untouched.
The proposed arrangement extends beyond minerals to encompass oil, gas, and transportation infrastructure. It marks a retreat from Washington’s initial position, which had demanded $500 billion—a figure Zelenskyy flatly rejected and likened to selling Ukraine.
Security commitments remain a sticking point. While the document acknowledges Ukraine’s security needs, it lacks firm defensive guarantees that Kyiv has consistently sought. The arrangement’s viability faces practical challenges as many resource-rich areas sit under Russian occupation.
America’s strategic interest comes amid mounting concerns over China’s chokehold on critical minerals. Chinese firms process nearly 90% of rare earth elements globally, according to security experts at CSIS.
Ukraine offers potential alternatives with substantial graphite, lithium, and titanium deposits. Yet the resources remain largely untapped due to outdated infrastructure, war damage, and insufficient capital.
The timing coincides with Trump’s shift in Russia policy. American and Russian officials met in Istanbul on Thursday for a second round of peace, according to media reports. Russian President Vladimir Putin has publicly welcomed American companies to extract minerals from both Russia and territories Moscow has seized from Ukraine.
Trump expects to formalize the agreement during Zelenskyy’s anticipated visit to Washington Friday, though Ukrainian officials haven’t confirmed the trip, according to CNN.
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