Volodymyr Zelenskyy's idea is an idea that will spark Donald Trump's interest in supporting Ukraine: the United States' proposal to visit the country's rich natural resources in a special way.
The first sign was promising when the Ukrainian president proposed the plan to Trump (and then Republican candidate) at the Trump Tower. Despite the persuasion of the United States' defense against Ukraine, Trump responded with "interest" despite the dismissal of Zelenskyy's "greatest salesman in history."
They hardly imagined how cruel Trump’s interest in Ukraine’s minerals would be, or how the negotiations could become disastrous in its President Kief, and the prospect of stopping the Russian invasion.
Seven months later, this time was the Vatican glory, and when Trump and Zelenskyy met again, the breakthrough was finally achieved. Zelenskyy said he told Trump that he was ready to make the deal. "In fact, now we have the first result of the Vatican Conference, which makes it truly historic," he said.
But the scandal they had to overcome was quite large: months of negotiations, explosive Oval Office communications, and countless near disappointment moments almost collapsed - until the last few hours.
The deal was signed by U.S. Treasury Secretary Scott Bessent and Ukraine’s first foreign secretary in Washington, Yulia Svyrydenko, to ensure we participate in the development of Ukraine’s natural resources. But it has a much greater potential.
For Ukraine, the agreement provides assurances on the agreement’s deep concern about Trump’s possible abandonment of Ukraine for a broader ceasefire with Russia. For Trump, it's a step towards his promise, and Washington has spent billions of support from Washington since Russia's full-scale invasion in 2022.
US companies will offer discounted visits to major Ukraine projects and resources, including aluminum, lithium, titanium, graphite, oil and gas. U.S. officials also said it will be linked to Kiev after a few turbulent months.
"This partnership will be the foundation of leadership of the peace process (Trump) as it sends a strong message to Russia that the United States has skin in the game ... and is committed to Ukraine's long-term success," said a senior U.S. Treasury official.
Kiev officials and many analysts believe the move is part of a broad Ukraine effort to force Trump to maintain strategic ties with Washington as Trump pushes to end the conflict.
This claim on the turbulent pathway to the deal is based on reports within the Ukrainian Presidential Administration, interviews with more than a dozen Ukrainian officials who were directly involved, senior American figures, Western diplomats, and legal experts who advised Kiev.
The origins of the agreement date back to last summer when Zelenskyy ordered his advisers to develop a strategy to ensure long-term U.S. support and swing power in the war, away from Russia from Russia.
The five-point “Victory Plan” recommendation combines security advice with strategic economic partnerships. An official close to Zelenskyy said it was "trying to change the trajectory of the war and bring Russia to the dining table... Zelenskyy does believe it".
The fourth point calls for the opening of Ukraine's natural resources to Western investment, a concept inspired by Republican Senator Lindsey Graham. In exchange, Ukraine aims to ensure larger, better, more U.S. military support to defend itself, even if it does not regain lost land.
President Joe Biden has little enthusiasm for providing a large amount of extra Western weapons, fearing that the surge could drain U.S. stocks or lead to Russia’s escalation. However, the White House team did show interest in a joint economic agreement.
The idea of claiming to be economic perspective and ensuring rare earths in exchange for continued U.S. aid was even more interested after Zelenskyy sold the idea to Trump at Trump Tower.
Given his interests and polls show that Trump is leading the way in the U.S. presidential campaign, Zelenskyy's team chose to stick with the Biden administration's mineral deals and decided to use any upcoming Trump administration to maximize potential leverage.
It took only two weeks for the newly formed President Trump to publicly link U.S. support to gaining Ukraine’s mineral wealth and to compensate past U.S. aid compensation with a $50 billion figure, which is the actual support provided. "They have rare rare earths. I want safety for rare earths," Trump said.
Senior Ukrainian officials were shocked by the scale of demand and were even more worried about the lack of future U.S. military support. Nevertheless, Kiev is still in talks in hopes of extracting better conditions and staying in Trump’s good grace.
A few days later, Finance Minister Bessent took a night train in Kyiv, and the draft proposal granted the United States the right to own 50% of Ukraine's rare earths and key minerals, but did not promise future military or financial aid.
Zelenskyy sent an hour notice on the file and saw it before meeting with Bessent, thanks to the U.S. ambassador to Bridget Brink, a U.S. who rushed the capital with a copy.
She briefed him about its contents, which had not yet been translated into his native language, warned that Bessent wanted him to sign before he returned to Washington.
But Zelenskyy is a politician who has performed poorly with the finale. In their meetings, Zelenskyy and Bessent can be heard through the heavy gilded doors. "He was angry," a Ukrainian official standing nearby said of the president.
When they showed up, Zelenskyy told reporters that he would not sign at the time. "It's not in our interest today... not in the interest of sovereign Ukraine." His main concern was the complete lack of security assurance.
European and Ukrainian officials are wondering whether Zelenskyy had no clearer goals from the beginning and whether Zelenskyy made strategic mistakes. "Obviously, it's a temptation for Trump," said a senior European official. "But the lack of details means Trump can essentially say his price."
A senior Ukrainian official said Zelenskyy should "crystallize" the link to "the future assurance of security assistance (US)".
After Bessent's visit, Washington called pressure. "Without the support of the United States and the American people, today's Ukrainian position will be dangerous at best," the Treasury Secretary wrote in a Ft's column.
Negotiations finally resumed. Ukrainian officials are preparing to sign the revised terms as U.S. demand for potential $50 billion paydays falls. They even moved on after Trump said the United States would not provide Ukraine security assurances. "We will have Europe doing this," Trump said.
Zelenskyy plans to sign the ceremony to go to Washington to reach an agreement. Trump held Zelenskyy's hand at the entrance to the West Wing of the White House and praised him in his military outfit.
They then moved to the Oval Office where the meeting opened, and Zelenskyy showed Trump the championship belt of Ukrainian boxer Oleksandr Usyk in front of reporters and cameras.
But within minutes, the conversation turned into a yelling game, with Trump accusing Zelensky of “gambling with World War III.”
Trump scolded him: "You don't have a card."
"I'm not playing cards," Zelenskyy replied.
With the cancellation of the signing ceremony, Zelenskyy left the White House without hesitation. Instead, the fine lunch planned for Ukrainians is Trump’s staff.
By late March, the Trump administration suspended U.S. military aid and expanded its demands. "They want to beat the dirty now," said a Ukrainian official.
The new draft then proposes that Washington and Kiev establish a supervisory committee to control oil, gas and mineral incomes—the United States actually holds a veto for decision-making. The draft also said that U.S. support for Ukraine was because the Russian invasion would be "seemed as a contribution to the partnership." No mention of future military aid.
Ukrainian officials liken the offer to “ransomware” and “ransomware.”
Trump called pressure. In early April, he accused Zelenskyy of trying to exit the deal and warned him that he would face "big problems."
Zelenskyy in turn ordered his team to work with the United States. To show how nervous this situation has become, Ukrainian leader ordered his domestic security agency to investigate the leak of the latest U.S. proposal.
Despite the setbacks, negotiators are still working hard. On April 18, a virtual signing of a memorandum of intent laid the foundation for renegotiation.
Then, Trump and Zelenskyy met in Rome. Trump told the Vatican conference news: "I told (Zelenskyy) that if we can reach an agreement and sign a deal, it is a very good thing because Russia is bigger and stronger."
By Monday, officials said they had reached a compromise: Washington had abandoned only as part of U.S. donations, only considering factors in past aid.
Even so, as Svyrydenko's plane headed to Washington on Wednesday to sign the Framework Agreement in the air, U.S. officials insisted that she had signed two other documents – a complete fund agreement and a technical attachment – and accused Kiev of trying to reopen negotiations.
Bessent's team told Ukrainian Svyrydenko should be "prepared to sign all agreements or go home".
Ukraine invoked legal proceedings, especially in light of parliament’s approval of the fund agreement, initially refused to do so. But they said they would find a way.
Negotiations extend into the evening. Ukrainian Prime Minister Denys Shmyhal convened an emergency cabinet meeting in Kiev to authorize Svyrydenko to conduct it without parliamentary approval. Soon after, the transaction was completed.
Photos of documents held by the two officials circulated, calling the deal a symbol of "cooperation." Svyrydenko posted a smiling selfie in front of the US Treasury Department.
The deal still requires approval from the Ukrainian parliament and implementation work is still being carried out. Whether the agreement is reached depends not only on the terms to be terminated, but also on the time when Zelenskyy and Trump can manage their troubled relationship.
"We are not choosing between good and bad," opposition MP Inna Sovsun said.
“What we got was better than the initial offer,” she added.