Ukrainian President Volodymyr Zelensky wants security guarantees from the US and Europe to be tied to any mineral deal and prefers broader international involvement, including from EU nations|@ZelenskyUa|X

US Treasury Secretary Scott Bessent met with Ukrainian President Volodymyr Zelensky in Kyiv last week, where he handed over a draft requesting Ukraine to give half of the country’s mineral resources for US support.

Ukraine has more than 100 significant mineral deposits, including lithium, titanium and uranium, used in EVs and high-end technology.

Zelensky hasn’t signed the draft of the Ukraine-US minerals agreement, saying that it didn’t secure US protections for Ukraine in the long run and didn’t tie resource access to continued security. He said, “We can consider how to distribute profits when security guarantees are clear.”

The statement by Zelensky implies that a deal could be on the table. The Washington Post reports that the Ukrainian government is preparing a counter proposal to present to the US.

US’s proposal details
The deal would grant US access to rare earth minerals valued at up to $5 trillion. A Ukrainian official also revealed that the US sought rights to Ukraine’s oil and gas.

Strategic implications
Some of the minerals Ukraine holds are in Russian-occupied areas. The deal could frame the war as a resource battle rather than a fight for democracy, complicating Ukraine’s efforts to secure international support.

Ukraine’s mineral industry is not underdeveloped, and the US could help change that. For the US, a minerals deal would mean less dependence on China for raw materials.