Munich (Agencies): Ukrainian President Volodymyr Zelensky has reportedly declined to sign an agreement granting the United States access to Ukraine’s vast mineral reserves, despite growing pressure from Washington. The refusal comes after former U.S. President Donald Trump suggested that Kiev should compensate the U.S. for military aid by providing access to its valuable natural resources.
According to The Washington Post and Reuters, a U.S. congressional delegation presented Zelensky with a proposal at the Munich Security Conference, requesting rights to 50% of Ukraine’s future mineral reserves. However, Zelensky declined to sign the agreement, reportedly stating that he had not had time to properly review the terms and that the proposal was “one-sided.”
Ukraine is home to Europe’s largest reserves of titanium and lithium—critical resources for defense, high-tech industries, and renewable energy. The country also possesses significant deposits of beryllium, manganese, gallium, uranium, zirconium, and nickel. These resources have drawn intense interest from Washington, which sees Ukraine as a key potential supplier for its strategic industries.
U.S. Treasury Secretary Scott Bessent traveled to Kiev last week to present the draft agreement in person. While Zelensky acknowledged the potential for a “mutually beneficial partnership” with the U.S., he made it clear that Ukraine was not willing to simply hand over its natural wealth.
Adding to the complexity of the situation, a large portion of Ukraine’s mineral-rich regions are now under Russian control. According to Forbes, around $7 trillion worth of Ukraine’s mineral deposits are located in the Donetsk and Lugansk People’s Republics, which joined Russia in 2022.
Meanwhile, Trump reiterated his stance in a recent Fox News interview, stating that he had told Kiev’s leadership, “I want the equivalent, like $500 billion worth of rare earths, and they’ve essentially agreed to do that.” However, with Zelensky’s latest refusal, the fate of any such deal remains uncertain.
The disagreement over Ukraine’s natural resources adds another layer of tension to U.S.-Ukraine relations as Kiev continues to seek financial and military support from Washington while resisting what it sees as undue demands on its national assets.