Zelensky: Ukraine and U.S. negotiate rare earth metals deal
Ukraine and the United States are engaged in ongoing negotiations concerning Ukrainian rare earth metals.
"We continue the talks," said President Volodymyr Zelensky during the main session of the Munich Security Conference. Earlier, on February 12, U.S. Treasury Secretary Scott Beesent handed Zelensky the initial draft of a partnership agreement during a meeting. According to Zelensky, the discussions focused on mineral resources. By February 14, Ukraine had revised the draft memorandum of partnership with the U.S. and submitted it to the American side. Political commentator Josh Rogin from The Washington Post reported on social media site X, citing American lawmakers, that Zelensky rejected a proposal by a U.S. Congressional delegation in Munich to sign a memorandum which would grant the U.S. a 50% share of Ukraine's future mineral resource reserves.
Speaking at the Munich Conference, Zelensky emphasized that Ukraine's natural resources need safeguarding to prevent them from falling into the hands of Russia and its allies.
President Donald Trump is considering exchanging Ukraine's rare earth metals for further military and financial assistance. Zelensky made it clear that Kyiv doesn't wish to "give away" its reserves but is proposing mutually beneficial cooperation, where the U.S. would get priority access to these deposits. Ukraine has yet to initiate substantial extraction of these costly metals, which require significant multi-million dollar investments. Research indicates a high potential for their exploitation. Additionally, a significant portion of these rare earth deposits is located in the temporarily occupied territories of Donetsk and Luhansk regions.