Ukraine agrees to US mineral deal as Trump softens key demands
US President Donald Trump, right, and Ukrainian President Volodymyr Zelensky speak during a meeting ... [+]AFP via Getty Images
Ukraine has accepted a US-backed agreement on its mineral wealth, settling a contentious dispute after Donald Trump withdrew his most extreme conditions.
Reports say President Volodymyr Zelensky is expected to sign the deal in Washington, DC, this Friday.
The agreement does not include a clause requiring Ukraine to use its mineral profits to repay up to $500 billion (£400bn) in US support—one of Trump’s initial demands.
Instead, Kyiv will contribute 50% of future mineral and energy development revenues to a joint investment fund dedicated to Ukrainian projects.
While the US stake in the fund remains unspecified, follow-up agreements will determine joint ownership terms.
Importantly, the deal does not grant the US rights to Ukraine’s existing oil and gas production.
Speaking from the Oval Office on Tuesday, Trump did not confirm the finalization of the agreement but stated that Kyiv secured $350 billion, a sum he claims the US has already provided to Ukraine, along with “the right to fight on.”
“They’re very brave,” Trump said, while emphasizing that US support was critical to Ukraine’s war effort. He affirmed that weapons supplies would continue “until we have a deal with Russia.”
Dismissing reports that he had spoken to Vladimir Putin regarding mineral access in Russian-controlled Ukrainian territory, Trump also expressed openness to a minerals deal with Moscow, stating: “I’d like to buy minerals on Russian land too if we can.”
