Zelensky had ‘an hour’ to agree to US rare earths deal – Economist
The US gave Ukraine’s Vladimir Zelensky just “an hour” to agree to a proposal granting Washington access to the country’s rare minerals, The Economist has claimed, citing sources. US Treasury Secretary Scott Bessent presented the deal during a visit to Kiev last week.
According to the outlet, Zelensky expected the meeting to focus on continued financial support, but instead Bessent demanded that Ukraine grant the United States access to its entire reserves of critical resources.
Earlier this month US President Donald Trump said that he had demanded the “equivalent of $500 billion worth of rare earths” from Ukraine in exchange for what he estimated to be “more than $300 billion” Washington has provided to Kiev since the escalation of the conflict with Russia in 2022.
Zelensky declined Bessent’s proposal, deferring further discussion to the Munich Security Conference, the Economist wrote. However, at the event on Saturday, Zelensky again refused to sign the deal, which reportedly grants the US rights to 50% of Ukraine’s mineral reserves, telling reporters that it was “not ready yet.” He is seeking a “better deal,” according to Financial Times.
Zelensky first floated such an idea as part of his “victory plan,” a five-point strategy he unveiled in October. Under the plan, Kiev and Washington would jointly use Ukraine’s critical resources while the US continued military assistance and deployed non-nuclear strategic deterrence.
NBC reported on Saturday that Washington could send troops to Ukraine to “guard” the rare earths that it wants as repayment for aid. According to US National Security Adviser Michael Waltz, Washington expects to be reimbursed by Kiev for the “investments” it has made in the Ukraine conflict.
Ukraine possesses significant deposits of rare earth elements, including lanthanum, cerium, neodymium, erbium, and yttrium, which are essential for various technologies such as lighting, batteries, nuclear power, and lasers. However, Zelensky recently admitted that a large chunk of mineral-rich territory, some 20%, is currently under Russian control.
Moscow has criticized the potential deal. Foreign Ministry spokeswoman Maria Zakharova said last week that it would violate Ukraine’s constitution, which states that the nation’s natural resources belong to its people.
Kremlin spokesperson Dmitry Peskov described it as a “commercial transaction,” saying that “it would be better not to provide aid at all thus facilitating an end to the conflict.”
