US President Donald Trump has indicated that Ukrainian President Volodymyr Zelensky is expected to visit Washington on Friday, 28 February, with the potential signing of a significant mineral extraction agreement. Speaking to journalists at the White House, Trump suggested that the deal could be of immense economic value, referring to it as a "very big deal" that could be worth up to a trillion dollars.
The proposed agreement focuses on Ukraine's mineral resources, including rare earth elements, and aims to establish a fund where Kyiv would allocate 50% of future revenues from resource monetization. The Financial Times has reported that the finalized version of the agreement, dated 24 February, does not include minerals that already contribute to Ukraine's state budget, meaning that current activities of Naftogaz and Ukrnafta will remain unaffected. Previous provisions for a "reconstruction fund" worth up to USD 500 billion, in which the US would have held full financial interest, have been removed from the latest draft.
Trump has also emphasized that the deal is part of broader efforts to ensure that US taxpayers receive a return on funds allocated to Ukraine. "We want to be secured. We want to get that money back," he stated, referencing financial and military assistance provided by the US. He reiterated that without US support, the war would have likely ended much sooner, acknowledging the bravery of Ukrainian forces while underlining their dependence on American aid. When asked what Ukraine would receive in return for the agreement, he mentioned USD 350 billion, military equipment, and "the right to fight."
The potential signing of the agreement follows reports from Bloomberg and AFP, which suggest that Ukraine's Cabinet of Ministers is expected to approve the deal on 26 February, with final signatures anticipated by the end of the week. A source cited by AFP indicated that Ukrainian officials are working on final details and are considering a trip to Washington for the signing ceremony.
Despite the agreement's economic significance, it does not include explicit security guarantees from the US, which Ukraine had initially sought as part of the negotiations. The document also does not clarify the specifics of joint ownership or the US share in the newly created fund. According to the Financial Times, the deal has already been approved by Ukraine's ministers of justice, economy, and foreign affairs.
US Special Envoy Steve Witkoff had earlier expressed confidence that Ukraine would sign the agreement on resource use by the end of the week. Ukrainian Deputy Prime Minister Olha Stefanishyna also confirmed on 24 February that negotiations had reached their final stage, with both US and Ukrainian officials refining the terms.
Meanwhile, discussions regarding Western involvement in Ukraine's security continue. The Financial Times has reported that Trump has not provided French President Emmanuel Macron with concrete commitments regarding US support for a European security contingent in Ukraine. France and the UK have signaled their willingness to play a leading role in post-war security but require logistical and intelligence backing from the US. A French official quoted by the Financial Times stated that while Trump is not opposed to American involvement, there is "no final agreement" on the extent of US participation.
A large portion of discussions between Trump and Macron reportedly focused on ensuring Russia's compliance with any future ceasefire agreements and avoiding a repetition of the Minsk accords from 2015-2016. Trump has previously endorsed the idea of European troops monitoring a ceasefire and has suggested that the US might provide support in some capacity.
Sources:
- Bloomberg
- AFP
- Ukrainska Pravda
- Financial Times
