Ukrainian President Volodymyr Zelenskyy rejected a U.S. proposal to take about 50% of the rights to own the country's rare earth minerals and try to negotiate a better deal.
U.S. Treasury Secretary Scott Bessent offered the deal to Zelenskyy during a visit to Kyiv on Wednesday, after Trump suggested the U.S. owes half a value to the U.S. Trillions of dollars in Ukrainian resources were followed in exchange for aid to the war-torn state.
According to three people familiar with Ukrainian negotiations in the U.S., Zelenskyy wants the U.S. and Europe to secure security directly with any deals in mineral reserves.
He is also keen on other countries, including EU countries, to participate in future natural resource exploitation.
"We're still talking," Zelenskyy said in Munich on Saturday. "I have different conversations."
A senior Ukrainian official told the Financial Times that Kiev is "trying to negotiate a better deal".
During a visit to the Kiev presidential office this week, Bess brought a document that Trump hoped that Zelenskyy would sign before Bessent returns to Washington, according to five people familiar with the matter.
Bessent spoke to reporters before he and Zelenskyy discussed the deal privately, which Bessent called "economic agreement" to "interweave our economy further."
Once the Russian war is over, the Trump administration will "end (with Kiev) by increasing our economic commitments", which will "provide a long-term security shield for all Ukrainians."
Another Ukrainian official told FT: “When we look at the details, there is nothing (about the future of the US security assurance).
When asked about the third Ukrainian official who is familiar with the proposal, it was a "Trump deal" and whether Ukraine is good. "This is a Trump deal," the official said. "It's too hard."
Ukraine's main concern was the three people who reviewed the proposal said there was a lack of link to broader security assurance.
Ukrainian officials asked how the agreement would contribute to the long-term security of its country, but were only told that it would ensure the U.S. presence on Ukrainian soil - a vague response that has left the key issues unresolved.
Bessent argued that the presence of Americans alone would ensure the location of mineral deposits was enough to stop Moscow.
Another notable thing is the norm of the document, that New York would be the jurisdiction of the disputed mineral rights, according to two people familiar with the matter.
After their meeting, Zelenskyy told reporters that he would consider the proposal, but would not sign any proposal at the time.
“We will review the document and work quickly to ensure our team reaches an agreement. The United States is our strategic partner and we are committed to finalizing the details,” Zelenskyy said at the time.
Bessent said after the meeting that Trump hopes to reach the deal.
"From President Trump's perspective, this document is important to resolve this conflict as soon as possible (with Russia)," he said. "We will provide the Ukrainian people with a guarantee of US aid. I believe this to Russia Intent is a very strong signal.”
Zelenskyy said he wanted to further discuss the prospects of the mineral rights agreement at the Munich Security Conference this weekend.
He fought back at a meeting with U.S. Vice President JD Vance in Munich on Friday, and he also discussed with U.S. lawmakers on the forum.
Zelenskyy said in a speech in Munich on Friday that his legal team will review the persistence documents proposed by Kyiv in Kyiv to provide advice and propose potential changes. He described it as a memorandum between the United States and Ukraine, rather than a formal security agreement.
A European official introduced the meeting that Zelenskyy did not sign the deal because he wanted other countries, including European countries, to participate in mining the minerals.
"They are under tremendous pressure on Americans," the official said.
The U.S. proposal is in line with the “Victory Plan” that Zelenskyy’s team has been developing since last summer to deepen ties with the Trump administration, allowing the U.S. to acquire key minerals used in the high-tech industry.
Ukraine’s precious minerals are estimated to be worth trillions of dollars, including lithium, titanium and graphite, all of which are crucial to the manufacturing of high-tech products. However, many of these resources are located in areas occupied by Russia, or at risk of being captured by the Kremlin advance troops, as they sit near the front line in eastern Ukraine.