LONDON/WASHINGTON, Feb 25 (Reuters) - The United States and Ukraine have reached an agreement on the terms of a draft minerals deal, a pivotal move in Kyiv's strategy to secure Washington's support. This development comes as President Donald Trump aims to swiftly conclude the ongoing war with Russia, according to two sources familiar with the situation.
A source with knowledge of the draft agreement clarified that it does not outline any U.S. security guarantees or promise the continued flow of weapons. However, it emphasizes that the United States desires Ukraine to be “free, sovereign, and secure.” Future shipments of weapons remain under discussion between Washington and Kyiv.
President Trump recently mentioned that Ukrainian President Volodymyr Zelenskiy intends to visit Washington on Friday to sign what he described as a "very big deal." This follows a period of hostile exchanges between the two leaders last week. President Trump has framed the deal as a form of repayment for the billions of dollars in aid provided to Kyiv. He also suggested the need for peacekeeping troops in Ukraine if a resolution is reached. However, Moscow, which initiated an invasion of Ukraine three years ago, has rejected the idea of deploying NATO forces.
While some European countries have expressed willingness to send peacekeeping forces, the Kremlin denied any acceptance of such troops on Tuesday. Trump's eagerness to hastily resolve the conflict with Russia has raised concerns over potential U.S. concessions that might undermine Ukraine's security and alter the geopolitical landscape.
The proposed deal could potentially unlock Ukraine's significant mineral wealth for the United States. Trump highlighted the need for security, stating that the American taxpayer would ultimately benefit. Previously, Zelenskiy had rejected a draft minerals agreement as Washington sought rights to $500 billion worth of Ukraine's natural wealth. Kyiv argued that the aid received was far less than this amount and lacked necessary security guarantees.
The current draft agreement proposes the establishment of a Reconstruction Investment Fund to accumulate and reinvest revenues from Ukrainian resources, including minerals and hydrocarbons. Ukraine would contribute 50% of these revenues, minus operating expenses, until contributions reach $500 billion. In return, the United States would commit to the development of a “stable and economically prosperous Ukraine.”
President Trump asserted that over $350 billion has already been provided to Ukraine, including military equipment. Scott Anderson, a fellow at the Brookings Institution, remarked that while the minerals deal might appear exploitative to some, it is crucial for gaining Trump's approval and that of Republican lawmakers.
European officials have been caught off guard by Trump's decision to engage in talks with Russia, seemingly sidelining both Kyiv and Europe. A potential White House meeting could offer Zelenskiy the opportunity to directly appeal to Trump for sustained U.S. support. Notably, Ukraine possesses deposits of 22 out of 34 minerals deemed critical by the European Union, including graphite, a vital component for electric vehicle batteries and nuclear reactors.
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Reporting by Tom Balmforth, Jarrett Renshaw, and Erin Banco; Additional reporting by Steve Holland, Patricia Zengerle, and David Brunstrom; writing by Matt Spetalnick; editing by Don Durfee, David Gregorio, and Cynthia Osterman
