Ukraine's vast reserves of critical minerals have attracted attention from the United States, seeking access to these coveted resources used in aerospace, defense, and nuclear industries. However, a proposed agreement between the two nations has hit an impasse. During discussions in Munich, US officials presented the proposal to Ukrainian counterparts, aiming to explore these mineral resources and establish a partnership. Despite the potential benefits, Ukrainian President Volodymyr Zelenskyy instructed his ministers not to sign the deal, citing concerns over its one-sided focus on US interests and lack of specific security guarantees.
The proposal, perceived by some as a means for the US to recoup funds sent as aid to Ukraine, has been criticized as a "colonial agreement." A former senior official noted its resemblance to exploitative arrangements of the past. Zelenskyy emphasized the need for any mineral exploitation to be tied to security guarantees that would deter future Russian aggression. The absence of such guarantees in the proposal has raised alarms within Ukraine.
US Treasury Secretary Scott Bassent delivered the proposal to Ukrainian officials during a visit to Kyiv. Ukrainian President Zelenskyy later discussed the matter with US Vice President JD Vance on the sidelines of the Munich Security Conference. Zelenskyy expressed his stance that any agreement must align with Ukrainian law and be acceptable to the Ukrainian people. He stressed,
“I think it’s important that the vice president understood me that if we want to sign something, we have to understand that it will work,” – Volodymyr Zelenskyy
The proposal's lack of concrete security assurances remains a sticking point. The discussion highlighted that the US did not have "ready answers" regarding securing mineral extraction operations in Ukraine. This uncertainty has fueled skepticism about the viability of the agreement. Zelenskyy underscored that
“For me is very important the connection between some kind of security guarantees and some kind of investment,” – Volodymyr Zelenskyy
Kseniiia Orynchak, a notable figure in Ukraine's mining sector, emphasized the constitutional ownership of these resources by stating,
“Subsoil belongs to Ukrainians under the constitution,” – Kseniiia Orynchak
The sentiment reflects a broader national perspective that any foreign partnership must prioritize Ukrainian interests.
The White House maintains that any deal should be in accordance with Ukrainian law and acceptable to its people. In light of this, Ukraine is preparing a "counter proposal" to present to US officials shortly. This initiative aims to address concerns surrounding security and equitable resource allocation.
Despite these efforts, some voices in the US criticize President Zelenskyy's cautious approach. Brian Hughes remarked,
“President Zelenskyy is being short-sighted about the excellent opportunity the Trump administration has presented to Ukraine,” – Brian Hughes
Nevertheless, Zelenskyy remains steadfast in his belief that Ukraine's negotiating position must be robust for genuine peace. He articulated this view by asserting,
“real peace requires Ukraine to be in a strong position” – Volodymyr Zelenskyy
The untapped potential of Ukraine's mineral deposits further complicates negotiations. Much of these resources remain unexplored or lie perilously close to conflict zones near the front line. The discussions have yet to delve into the potential value of these deposits.
