Ukraine and US Discuss Bilateral Minerals Deal
Ukraine Hands Over Proposals to US
KYIV/MUNICH: Ukraine has handed over its proposals for a bilateral minerals deal to the US, two Ukrainian sources said, as Kyiv seeks to win the backing of US President Donald Trump in its bid to end the war with Russia.
The US side has requested until 5pm to examine the proposals, with President Volodymyr Zelensky expected to meet US Vice President JD Vance later at the Munich Security Conference.
Mineral Deal at the Heart of Kyiv’s Bid
The agreement is at the heart of Kyiv’s push to win the backing of Trump, who has set his sights on a rapid end to the war without saying how he wants to achieve that. The proposal includes the rare earth variety, titanium, uranium, and lithium among others.
US Treasury Secretary’s Plan
US Treasury Secretary Scott Bessent traveled to Kyiv on Wednesday, presenting a draft accord drawn up by the US. Zelensky said Kyiv would study it with a view to reaching an agreement in Munich.
Bessent told Fox Business Network that the Trump administration’s plan to end the war would intertwine Kyiv’s economy with the US, with the US bringing its "best practices" of privatization.
Concerns Over "One-Sided" Offer
Trump, who has not committed to continuing vital military assistance to Ukraine, has said he wants $500 billion in rare earth minerals from Kyiv and that Washington’s support needs to be "secured."
Meeting with a bipartisan group of US senators in Munich, Zelensky voiced concern about the US proposal for investment in Ukrainian minerals presented earlier, three sources familiar with his presentation said. He "felt he was being asked unreasonably to sign something he hadn’t had a chance to read," one of them said on condition of anonymity.
Zelensky’s Proposal
Zelensky discussed his own proposal for a mineral deal with the US, the source said, saying it was drafted to comply with the Ukrainian constitution. Two other sources characterized the proposal delivered by Bessent as "one-sided," but declined to elaborate.
Conclusion
The fate of the minerals deal remains uncertain, with the US side yet to respond to Ukraine’s proposals. The outcome of the negotiations is crucial for Ukraine, which seeks to end the war with Russia and secure its economic future.
Frequently Asked Questions
- What is the purpose of the bilateral minerals deal?
The deal aims to open up Ukraine’s vast resources of key minerals to US investment, in exchange for security guarantees. - What are the minerals in question?
The deal includes rare earth varieties, titanium, uranium, and lithium, among others. - Has Ukraine handed over its proposals to the US?
Yes, Ukraine has presented its proposals to the US, but the US side has requested until 5pm to examine them. - What is the US Treasury Secretary’s plan to end the war?
The plan involves intertwining Kyiv’s economy with the US, with the US bringing its "best practices" of privatization.