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The Trump administration has proposed that the United States obtain 50% ownership of Ukraine’s rare earth minerals, suggesting American troops could be deployed to safeguard these resources if a peace agreement is reached with Russia, according to four U.S. officials.
Instead of purchasing the minerals outright, this arrangement would serve as a form of reimbursement for the billions of dollars in military aid and support Washington has provided Kyiv since the war began in February 2022, two officials stated.
Treasury Secretary Scott Bessent presented this proposal to Ukrainian President Volodymyr Zelenskyy during their meeting in Kyiv on Wednesday, bringing with him a draft contract outlining the terms, according to eight U.S. officials briefed on the discussion.
Following the meeting, Bessent indicated that the proposed rare earth minerals agreement reflected the administration’s broader goals, but he did not disclose further details about the terms.
Zelenskyy chose not to sign the document at that moment, instead insisting that he needed time to analyze the proposal and consult his advisors, the eight officials noted.
He assured Bessent that his team would thoroughly review the details before his scheduled arrival in Munich, where he later met with Vice President JD Vance, Secretary of State Marco Rubio, and other U.S. lawmakers on the sidelines of a global security conference.
Neither the Ukrainian Embassy in Washington nor a spokesperson for the White House National Security Council responded immediately to requests for comment regarding the proposal.
During his speech at the security conference, Zelenskyy acknowledged receiving the document and stated that his legal team would provide recommendations and amendments. He described the proposal as a memorandum between the U.S. and Ukraine rather than a formal security agreement.
In recent months, former President Donald Trump has repeatedly voiced interest in securing a deal that would grant the U.S. substantial access to Ukraine’s rare earth minerals, which are essential components in various high-tech industries. During an interview with Fox News, Trump stated his desire for the U.S. to obtain $500 billion worth of Ukraine’s mineral resources and suggested that Kyiv had “essentially agreed” to the arrangement.
During a press briefing in the Oval Office this month, Trump described access to these minerals as a matter of national security. “I want to have the security of rare earth. We’re investing hundreds of billions of dollars. They have great rare earth, and I want security of the rare earth, and they’re willing to do it,” Trump asserted.
However, much of Ukraine’s mineral wealth is located in territories currently under Russian control, three U.S. officials noted. Ukrainian officials, meanwhile, have suggested that Zelenskyy has long been open to the idea of leveraging the country’s critical resources in exchange for continued U.S. support. This concept was reportedly part of the “Victory Plan” that he presented to Trump during a private meeting last fall.
Speaking in an exclusive interview with NBC News’ “Meet the Press” at the Munich Security Conference, Zelenskyy stressed the crucial role of U.S. military assistance in Ukraine’s survival. “In all difficult situations, you have a chance. But we will have a low chance—low chance to survive without the support of the United States. I think it’s very important, critical,” he emphasized.
Defense Secretary Pete Hegseth clarified this week that the U.S. does not intend to deploy troops to Ukraine as part of any security guarantee. However, Vice President Vance, in an interview with The Wall Street Journal, left the possibility open, stating that U.S. troop deployment remains “on the table” if Russia does not negotiate a peace settlement in good faith.
Trump has frequently expressed frustration with the level of American support for Ukraine. At a campaign event last year, he referred to Zelenskyy as “the greatest salesman of all time.” In September, he remarked, “Every time Zelenskyy comes to the United States, he walks away with $100 billion. I think he’s the greatest salesman on Earth. But we’re stuck in that war unless I’m president.”
The rare earth minerals at the center of these negotiations are vital in the production of electronics, batteries, and advanced military technology. The U.S. has long sought to reduce its dependence on China for these critical materials, making Ukraine’s mineral reserves an attractive strategic asset. American officials believe that securing access to these resources could provide both economic and national security benefits.
Bessent’s proposal reportedly detailed how the U.S. and Ukraine could establish joint ventures to extract and process the minerals. While the exact terms remain undisclosed, officials familiar with the discussions said the U.S. would take a leading role in financing and technological support, while Ukraine would grant American companies preferential access to mining rights.
Despite these negotiations, some lawmakers and analysts warn that such an agreement could face resistance both in Ukraine and among U.S. allies. Critics argue that leveraging Ukraine’s resources as repayment for military aid could create long-term dependencies and complicate Kyiv’s postwar reconstruction. Others worry that such a move might further entangle the U.S. in Ukraine’s conflict with Russia.
In Ukraine, the proposal could spark political backlash, as concerns over sovereignty and economic independence loom large. Some Ukrainian lawmakers have reportedly voiced skepticism about any arrangement that grants foreign entities substantial control over national resources. Others argue that Ukraine must carefully weigh the benefits of such an agreement against potential geopolitical risks.
The Biden administration has yet to comment on whether it would support such a deal should Trump return to office. While the current administration has focused on direct military and financial aid, Trump’s approach reflects a transactional strategy, seeking tangible returns for American investments abroad.
As the war in Ukraine continues, the prospect of a U.S.-Ukraine rare earth minerals agreement remains uncertain. Whether Zelenskyy ultimately agrees to such a deal will depend on numerous factors, including Ukraine’s military situation, its negotiations with Russia, and the evolving stance of the U.S. government. With the 2024 presidential election approaching, Trump’s proposals for Ukraine could become a defining issue in debates over America’s role in global security and economic policy.
