Zelensky Says Ukraine Won't Trade Minerals For Debt, Seeks 'Win-Win' Deal With US

Ukraine and the United States are approaching a deal regarding Ukraine's rare earth minerals, but President Volodymyr Zelensky remains committed to security guarantees. His administration delayed the initial push to sign the agreement, asking for military assurances and disputing the financials.

"I don't want something that 10 generations of Ukrainians will have to pay back," Zelensky said at Sunday's press conference, according to the Wall Street Journal.

The minerals deal is a part of President Donald Trump's effort to broker a ceasefire on the three-year conflict, as gaining access to Ukraine's resources would reduce reliance on foreign supply chains.

Still, Ukraine is absent from direct negotiations between Washington and Moscow in Saudi Arabia, raising concerns about Kyiv being sidelined from discussions about its own future.

Zelensky warned that Ukraine would not agree to the deal if it did not serve the country's long-term interests. "The deal must be ‘win-win' for Ukraine and the U.S.," he said, pushing back against the Trump administration's argument that American business investments in Ukraine alone would be a security guarantee.

The friction between Kyiv and Washington has risen, with the NY Times reporting that Trump called Zelensky a "dictator "for postponing the elections while Zelensky accused Trump of spreading Russian disinformation. Regardless of those tensions, both administrations have proceeded with "constructive "negotiations, per Ukraine's chief of staff, Andrii Yermak.

Despite Trump's interests, it is worth mentioning Ukraine has no internationally recognized rare earth reserves. The country commercially produces some critical minerals, like titanium and gallium, but not at a scale comparable to the enormous sums Trump has suggested.

Ukraine's geological agencies have estimated notable potential deposits, but they are largely undeveloped. Bringing mines into production is a notoriously slow and costly process.

Zelensky also pointed out the disparity between U.S. claims about the cost of its support. While Trump has referenced figures as high as $500 billion, Ukraine's estimates place total U.S. assistance closer to $120 billion, according to the Kiel Institute.

"The question of $500 billion is no longer there," Zelensky said, referring to the initial demand from Washington. "We do not recognize the debt," he added, clarifying that Ukraine would not accept an arrangement that treats U.S. aid as a loan to be repaid through mineral revenues.

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