Ukrainian President Vladimir Zelensky has rejected a high-stakes proposal from the United States that would have granted Washington extensive access to Ukraine’s rare earth mineral reserves in exchange for continued military aid. According to reports from The Economist and Financial Times, US Treasury Secretary Scott Bessent presented the deal to Zelensky during his visit to Kiev last week, giving the Ukrainian leader just an hour to decide. The proposal, which has sparked controversy in both Ukraine and Russia, underscores the growing geopolitical tension surrounding Ukraine’s natural resources and Washington’s strategic interests in the region.

The US has provided Ukraine with more than $300 billion in military and financial assistance since the escalation of the conflict with Russia in 2022. In a recent statement, US President Donald Trump suggested that Washington should receive the “equivalent of $500 billion worth of rare earths” from Ukraine in return for its continued support. The proposal, as put forth by Bessent, sought to grant the US direct access to Ukraine’s critical mineral reserves, reportedly offering Washington a 50% stake in these resources.

Zelensky, caught off guard by the nature of the meeting, declined to sign the agreement outright, instead deferring further discussions to the Munich Security Conference on February 15. However, even at the conference, Zelensky once again rejected the deal, stating that it was “not ready yet” and signaling that he was seeking a “better deal.”

Ukraine possesses vast deposits of rare earth elements, including lanthanum, cerium, neodymium, erbium, and yttrium-materials........

© Blitz