Volodymyr Zelenskyy ‘not ready’ to sign mineral deal with US, trying to make changes: Report

Ukrainian President Volodymyr Zelenskyy is “not ready” to sign a mineral deal with the United States, deepening the rift between the United States and Ukraine.
“In the form in which the draft is now, the president is not ready to accept, we are still trying to make changes and add constructiveness,” a Ukrainian source told AFP.
As per the New York Times, the US presented a modified draft but with similar provisions that were previously declined. The earlier draft was rejected by the Ukraine because it did not include the security guarantees that the country is looking for as it battles Russia’s nearly three-year invasion.
The latest terms appear to be more stringent than the earlier version.
The US president considers access to Ukraine’s mineral resources as essential compensation for America’s financial support to Kyiv in its conflict with Russia.
The agreement could potentially divert funds currently allocated to Ukraine’s military and defence sector, which could otherwise aid post-war reconstruction.
The new proposal, dated February 21 and examined by The New York Times, requires Ukraine to surrender 50% of its revenues from natural resources, including minerals, gas, oil, and earnings from ports and infrastructure.
This requirement matches a previous version dated February 14, also reviewed by The Times. Several Ukrainian officials and a businessman familiar with the new proposal confirmed this unchanged demand.
Ukraine had suggested collaborating with the United States regarding its natural resources to secure additional war support and safeguards against future Russian aggression in case of a peace settlement.
The revised document excludes these provisions. President Volodymyr Zelensky specifically sought security assurances, which were absent in both drafts, leading to his initial rejection.
The document stipulates that revenues will go to a US-controlled fund, requiring Ukraine to contribute until reaching $500 billion – Trump’s demanded amount for American assistance.
This sum, exceeding Ukraine’s pre-war economic output twofold, was not mentioned previously. The purpose of this amount – whether for past or future support – remains unclear.
The updated proposal indicates that the US might reinvest some revenue into Ukraine’s reconstruction, including development of subsoil assets and infrastructure.
The agreement might be concluded by Saturday, though delays are possible given Zelensky’s previous objections.
America has provided $119 billion in aid to Ukraine, according to the Kiel Institute for the World Economy.
US officials suggest their economic involvement would provide security assurance. Senior cabinet members are urging Zelensky to accept the agreement.