US presented Ukraine with a document to access its minerals but offered almost nothing in return

Ukrainian President Volodymyr Zelenskyy says he directed his ministers not to sign off on a proposed agreement to give the United States access to Ukraine’s rare earth minerals because the document was too focused on U.S. interests.

The proposal, which was a key part of Zelenskyy’s talks with U.S. Vice President JD Vance on the sidelines of the Munich Security Conference on Friday, did not offer any specific security guarantees in return, according to one current and one former senior Ukrainian official familiar with the talks. Zelenskyy’s decision not to sign a deal, at least for now, was described as “short-sighted” by a senior White House official.

Ukraine has vast reserves of critical minerals that are used in the aerospace, defense and nuclear industries. The Trump administration has indicated it is interested in accessing them to reduce dependence on China but Zelenskyy said any exploitation would need to be tied to security guarantees for Ukraine that would deter future Russian aggression. “It’s a colonial agreement and Zelenskyy cannot sign it,” the former senior official said.

White House National Security Council spokesman Brian Hughes did not explicitly confirm the offer, but said in a statement that “President Zelenskyy is being short-sighted about the excellent opportunity the Trump administration has presented to Ukraine.”

The U.S. proposal apparently did not take into account how the deposits would be secured in the event of continuing Russian aggression. The official suggested the U.S. did not have “ready answers,” to that question and that one of their takeaways from discussions in Munich will be how to secure any mineral extraction operation in Ukraine involving people and infrastructure.

Any deal must be in accordance with Ukrainian law and acceptable to the Ukrainian people, the senior Ukrainian official said. Gen. Keith Kellogg, Trump’s special envoy for Ukraine and Russia, all but cut Europeans out of any Ukraine-Russia talks, despite Zelenskyy’s request. Ukraine is now preparing a “counter proposal” which will be delivered to the U.S. in “the near future,” the official said.