KYIV, Ukraine — Ukraine and the U.S. have reached an agreement on a framework for a broad economic deal, which includes access to Ukraine’s rare earth minerals, according to three senior Ukrainian officials. This development marks a significant step in the economic partnership between the two nations.
The officials, who requested anonymity due to the sensitivity of the matter, indicated that Kyiv is optimistic about signing the agreement soon, potentially as early as Friday. This agreement aims to secure the continued flow of U.S. military support that Ukraine urgently requires. Plans are also underway for Ukrainian President Volodymyr Zelenskyy to visit Washington for discussions with President Trump.
The agreement presents an opportunity for Presidents Zelenskyy and Trump to discuss ongoing military aid to Ukraine, a crucial aspect of Kyiv's defense strategy. President Trump, addressing reporters in the Oval Office, acknowledged Zelenskyy's potential visit and expressed willingness to sign the deal alongside him, highlighting the agreement's potential worth of a trillion dollars. Trump described it as a "big deal," centered around rare earths and additional resources.
One Ukrainian official mentioned that some technical details still need resolution. The draft agreement excludes a contentious proposal from the Trump administration, which sought $500 billion from Ukraine's rare earth profits as compensation for wartime assistance. Instead, the agreement stipulates joint ownership of a fund, with Ukraine contributing 50% of future proceeds from state-owned resources, including minerals, oil, and gas. Officials indicated that Kyiv secured favorable terms and amendments during negotiations.
Despite the promising economic terms, the deal does not include security guarantees, a topic expected to be discussed during the upcoming meeting between the two presidents. Negotiations have progressed after recent tensions, where Zelenskyy resisted a proposal from U.S. Treasury Secretary Scott Bessent due to the lack of security assurances.
President Trump previously criticized Zelenskyy, describing him as "a dictator without elections" amidst declining voter support. However, significant advancements were achieved during a three-day visit to Ukraine by retired Lt. Gen. Keith Kellogg, Trump's special envoy to Ukraine and Russia. The idea for this agreement was initially proposed by Zelenskyy last fall to strengthen Kyiv's position in future negotiations with Moscow.
