Ukrainian President Volodymyr Zelensky is set to meet US President Donald Trump in Washington on Friday to sign a preliminary agreement concerning Ukraine’s mineral resources. While Zelensky welcomed the minerals deal, he stressed that any economic partnership must come with robust US security guarantees to deter renewed Russian aggression. In contrast, Trump has indicated that his commitments are limited, arguing that Europe should shoulder more responsibility for Ukraine’s security.
During a recent cabinet meeting, Trump mentioned that American workers extracting rare earth metals in Ukraine would provide “automatic security” for Kyiv, and he dismissed Ukraine’s long-held ambition to join NATO, reinforcing Russia’s view that NATO expansion was a key driver of the conflict. “We’re going to make a deal with Russia and Ukraine to stop killing people,” Trump told reporters, hinting at a potential ceasefire. Zelensky, however, maintained that without solid security assurances, “we won’t have a ceasefire, nothing will work.”
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The details of the agreement remain sparse. Ukrainian Prime Minister Denys Shmyhal described the deal as envisioning an “investment fund” aimed at Ukraine’s post-war reconstruction. This proposal, initially introduced by Zelensky last year to secure continued US support, has faced friction due to disagreements over its terms. Although Washington originally demanded access to $500 billion worth of Ukrainian mineral wealth—a proposal Zelensky rejected—recent reports suggest that the US has since abandoned this demand. Trump has hailed the agreement as a significant step toward securing US financial returns after its aid to Ukraine, whereas Zelensky described it as a “framework agreement” meant to pave the way for further negotiations.
Russia has consistently opposed Ukraine’s NATO ambitions, viewing the alliance’s expansion as a threat, a stance that dates back to 2008 when NATO indicated that Ukraine could eventually become a member. Trump has even proposed stationing European peacekeeping troops in Ukraine as part of a ceasefire, a suggestion that Russia has rejected and that has left European representatives notably absent from recent Washington-Moscow talks. Speaking to the BBC, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas emphasized that any peace deal must have European support. A planned meeting between Kallas and US Secretary of State Marco Rubio was recently cancelled due to scheduling conflicts.
On the resource front, Ukraine is estimated to hold around 5% of the world’s critical raw materials, making it a significant player in the global minerals market. However, many of these resources are located in territories currently occupied by Russia, with Ukrainian Economy Minister Yulia Svyrydenko estimating that deposits worth about $350 billion remain under Russian control. Ukraine also faces challenges from unexploded landmines covering a quarter of its territory, which complicates extraction efforts. Meanwhile, Russian President Vladimir Putin has suggested that Moscow could offer the US access to rare minerals from these occupied areas.
As the high-stakes meeting approaches, UK Prime Minister Sir Keir Starmer is set to engage in separate discussions with both Trump and Zelensky later this week to address the ongoing conflict in Ukraine.
