Ukrainian President Volodymyr Zelensky has instructed his ministers not to sign a proposed agreement granting the United States access to Ukraine’s rare earth minerals. According to Zelensky, the document was too focused on American interests and did not adequately protect Ukraine’s own interests.
The proposal, which was a key topic in Zelensky’s discussions with U.S. Vice President JD Vance during the Munich Security Conference on Friday, offered no specific security guarantees in return, according to both current and former Ukrainian officials.
Zelensky stated, “I did not allow my ministers to sign such an agreement because, in my opinion, it is not ready to protect us, our interests.”
The proposal focused on how the U.S. could use Ukraine’s rare earth minerals “as compensation” for the support already provided. Ukraine is known to possess vast reserves of critical minerals used in aerospace, defense, and nuclear industries. The Trump administration has shown interest in accessing these minerals to reduce dependence on China. However, Zelensky emphasized that any exploitation should be linked to security guarantees to prevent future Russian aggression.
“For me, the connection between security guarantees and investment is crucial,” said Zelensky.
While details on why Zelensky refused to sign the document remain sparse, it was reportedly handed to Ukrainian officials by U.S. Treasury Secretary Scott Bassent during a visit to Kyiv. A former senior official described the agreement as “colonial” and said Zelensky could not sign it.
White House National Security Council spokesperson Brian Hughes did not explicitly confirm the offer but stated in a statement, “President Zelensky is being shortsighted about the excellent opportunity presented by the Trump administration to Ukraine.”
