Kyiv, Ukraine – Ukrainian President Volodymyr Zelenskiy announced on 25 March that the United States has presented a significantly expanded proposal for a minerals deal, moving beyond the initial framework agreed upon last month. This development follows President Donald Trump’s recent public statement indicating an imminent agreement between the two nations.
The new proposal comes after a previously planned deal was derailed in February following a tense exchange between Trump and Zelenskiy at the White House. While the specific details of this “large, comprehensive agreement” remain confidential, Zelenskiy confirmed that it excludes US involvement in Ukraine’s nuclear power sector, a point previously raised by Trump.
“Previously, we had a framework agreement, followed by the development of a full agreement. Now, the American side has proposed a grand agreement right away,” Zelenskiy stated to reporters.
A Ukrainian official, speaking to the Financial Times, clarified that while the nuclear issue was discussed, it was ultimately omitted from the current proposal. Zelenskiy had previously acknowledged discussions regarding the Zaporizhzhia nuclear power plant, Europe’s largest, currently under Russian control, but maintained that these talks did not progress further.
A US Treasury spokesperson, in a statement to the Financial Times, reiterated, “The United States remains committed to the quick conclusion of this vital agreement and to securing a lasting peace for both Ukraine and Russia.”
The initial framework agreement outlined a fund where Ukraine would contribute 50% of future profits from the extraction of state-owned natural resources. Reports suggest that Ukraine possesses mineral deposits valued at upwards of $10 trillion, including crucial rare earth elements used in defense and high-tech industries. However, the economic viability of these deposits is yet to be internationally validated. Ukrainian data indicates the country holds deposits of 22 of the 34 minerals identified by the European Union as critical.
This expanded proposal signifies a potential shift in the strategic partnership between the US and Ukraine, particularly concerning critical mineral resources, amidst ongoing geopolitical tensions in the region. The full implications of this “large, comprehensive” deal are expected to unfold as further details are released.
