Ukrainian President Volodymyr Zelenskyy refused to sign an agreement to grant the United States 50 percent of all future reserves of rare earth metals in Ukraine, according to news reports following a meeting between Zelenskyy and U.S. leaders at the Munich Security Conference on February 14.
Zelenskyy “politely refused" when members of the U.S. Congress proposed the agreement, the Washington Post reported.
Zelenskyy and U.S. Vice President JD Vance also discussed a critical minerals deal at the conference, but their meeting ended without an announcement.
"Our teams will continue to work on the document," Zelenskyy said on X. "We are ready to move as quickly as possible towards a real and guaranteed peace. We deeply value President [Donald] Trump’s determination, which can help stop the war and secure justice and security guarantees for Ukraine."
Trump said last week that he wants Ukraine to supply the United States with rare earth minerals as a form of payment for U.S. financial support.
"We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earths and other things," Trump said on February 3 at the White House, discussing how his administration intends to fulfill his campaign promise to quickly end the war in Ukraine.
Dozens of rare earth minerals are considered critical to the U.S. economy and national defense, and Ukraine has large deposits of many of them.
SEE ALSO:
Why Are Rare Earth Minerals Making Headlines?Ukraine Needs U.S. Weapons. Trump Wants Its Rare Earth Minerals In Return.Zelenskyy said in February 4 that Ukraine would be “open to the fact, that all of this can be developed together, along with our partners who can help us protect our lands."
At their Munich meeting, Ukraine gave the U.S. delegation a revised agreement on rare earth metals amid concerns in Kyiv over a U.S. version that was presented to Ukraine on February 12.
The revised draft of the deal could open up its vast resources of key minerals to U.S. investment, according to Ukraine.
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 points are.
SEE ALSO: Hegseth Says Return To Ukraine's Pre-2014 Borders 'Unrealistic'The U.S. draft version was presented by Treasury Secretary Scott Bessent, who traveled to Kyiv earlier this week with a view to reaching an agreement in Munich.
Bessent told Fox Business Network that the Trump administration's plan to end the war would "intertwine" the Ukrainian economy with the United States and make sure that “U.S. taxpayers receive the return for the money they put in."
Meeting for 90 minutes with a bipartisan group of U.S. senators behind closed doors in Munich, Zelenskyy voiced concern about the U.S. proposal presented by Bessent, according to Reuters, quoting three sources familiar with his presentation.
He "felt he was being asked unreasonably to sign something he hadn't had a chance to read", one of the sources said on condition of anonymity. "I don't think he appreciated being given a take-it-or-leave-it thing."
Zelenskyy discussed his own proposal for a mineral deal with the United States, the source said, saying it was drafted to comply with the Ukrainian constitution.
Two other sources characterized the proposal delivered by Bessent as "one-sided,” but declined to elaborate.
Zelenskyy’s office said in a statement after the talks that Ukraine and the United States "agreed to continue their work on drafting the document on economic partnership between the two countries." The statement also repeated Ukraine's demand for "real security guarantees."
Zelenskyy said on X that also met with a delegation of members of the U.S. House of Representatives led by Representative Michael Turner (Republican-Ohio) and informed the members about the situation on the battlefield, the results of the Kursk operation, and the threats posed by North Korea's involvement in combat operations.
He stressed the need for "reliable security guarantees," adding, "It is important to achieve a guaranteed and lasting peace as soon as possible through our joint strength."