Ukrainian President Volodymyr Zelenskyy attends a meeting with U.S. Treasury Secretary Scott Bessent in Kyiv, Ukraine, on Feb. 12, 2025, amid the Russian invasion of Ukraine. (Tetiana Dzhafarova/AFP/Getty Images/TNS)
(Tribune News Service) — Ukrainian President Volodymyr Zelenskyy said he rejected a U.S. draft agreement that would give Washington access to critical minerals in the war-battered nation because it didn’t offer investments and sufficient protections.
“It doesn’t protect our interests,” Zelenskyy told reporters at the Munich Security Conference on Saturday. “There should be a connection with security guarantees and investments.”
The Ukrainian leader said the presented draft “was not in the interest of a sovereign Ukraine” — as the sides continue to negotiate.
U.S. Treasury Secretary Scott Bessent presented a draft agreement to Zelenskyy during his visit to Kyiv on Wednesday, which he said would be necessary for continued support from President Donald Trump’s administration. Ukrainian officials said they would assess the proposal ahead of the Munich meeting.
The U.S. sought to secure 50% of the income from license sales and other proceeds, which would violate Ukrainian national laws, a person familiar with the matter said. Kyiv suggested changes to the proposal that would benefit both sides, the person said, adding that they saw the U.S. draft for the first time on the day of Bessent’s arrival.
The two sides had aimed to forge a deal during the Munich conference, attended by Zelenskyy, U.S. Vice President JD Vance and Secretary of State Marco Rubio. The deal “should be positive for both nations and bring money,” Zelenskyy said.
The Trump administration has signaled it expects Kyiv to grant access to resources, including critical minerals, as well as a pledge to purchase U.S. energy exports, in return for its military and economic support against Russia.
Trump has decried the billions of dollars in aid provided to Ukraine under his predecessor Joe Biden, saying the war should end rather than be sustained with U.S. support and funds.
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