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On Friday, Ukraine submitted a draft proposal for a bilateral minerals agreement to the United States for review. The deal, which Kyiv hopes will garner support from U.S. President Donald Trump, is aimed at ending the ongoing conflict with Russia.
The U.S. team, led by Vice President JD Vance, was given until 5 p.m. (1600 GMT) to examine the proposals before a scheduled meeting with Ukrainian President Volodymyr Zelenskiy at the Munich Security Conference.
The draft agreement seeks to open Ukraine's vast resources of key minerals, including rare earth elements, titanium, uranium, and lithium, to U.S. investment.
This is part of Ukraine's strategy to secure U.S. security guarantees as part of a broader deal to conclude peace with Russia. The specifics of the U.S. draft, which was presented to Ukrainian officials by U.S. Treasury Secretary Scott Bessent on Wednesday, remain unclear, particularly regarding any security provisions for Ukraine.
President Trump has expressed his desire for a rapid conclusion to the war but has not detailed his approach. He has indicated a need for $500 billion worth of rare earth minerals from Ukraine and emphasized that U.S. support must be "secured." However, Trump has not committed to continuing crucial military assistance to Ukraine.
During a 90-minute meeting with U.S. senators in Munich, President Zelenskiy expressed concerns about the U.S. proposal, with sources familiar with the discussion describing the offer as "one-sided." Zelenskiy reportedly felt pressured to sign an agreement he had not fully reviewed. Democratic Senator Brian Schatz, who attended the meeting, suggested that the U.S. proposal would require adjustments.
In a recent interview with Reuters, Zelenskiy outlined the potential contours of a deal, emphasizing a mutually beneficial partnership rather than a giveaway of Ukraine's mineral resources. The Ukrainian president presented a map of mineral deposits, underscoring the country's readiness to develop these assets jointly with the United States.
The outcome of the discussions and the final terms of any minerals agreement between the United States and Ukraine remain to be seen, as both sides continue to negotiate amidst the backdrop of the Munich Security Conference.
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