The ongoing negotiations between the US and Ukraine regarding a minerals deal have hit a pause, with sources revealing that the current proposal may undergo significant changes.
According to Ukrainian news outlets, senior US officials declined to sign a proposed minerals deal during recent talks in Saudi Arabia. This comes amid claims that the Trump administration views the deal as an opportunity to recover US funds spent on the Ukraine conflict. The agreement, in its current form, aims to establish a joint investment fund for the long-term exploitation of Ukraine’s hydrocarbons, rare-earth minerals, and other critical resources. The talks in Jeddah on March 11 marked the third attempt to finalize the deal.
Citing sources familiar with the discussions, Ukrainian outlets RBK Ukraine and Suspilne reported that US officials decided to pause the signing to allow for potential amendments to the proposal.
Following the talks, both the US and Ukraine issued a joint statement expressing a mutual agreement to conclude a comprehensive deal for the development of Ukraine’s critical mineral resources as soon as possible. Ukrainian President Volodymyr Zelensky has expressed Ukraine’s readiness to sign the deal "at any time and in any convenient format."
Originally proposed by Zelensky in his ‘victory plan’ ahead of last year’s US presidential election, the arrangement was seen as a way for Ukraine to incentivize continued US support in its conflict with Russia by offering privileged access to its vast natural resources.
While proponents of the deal argue that Ukraine holds trillions of dollars' worth of minerals, critics believe these estimates are exaggerated, relying on outdated data and overlooking the high costs of extraction, as well as Russia’s control over many of the sites Ukraine claims.
The first attempt to finalize the agreement came in mid-February during a visit by US Treasury Secretary Scott Bessent to Kiev. Trump accused Zelensky of "breaking the deal" and treating his emissary "rudely."
A revised version of the proposal was expected to be signed during Zelensky’s visit to Washington on February 28, but those talks were cut short after Zelensky publicly questioned Trump’s diplomatic stance on Russia and the Ukraine conflict.
After the most recent round of discussions, the US resumed arms supplies and intelligence sharing with Ukraine, with the Zelensky government agreeing to a proposed 30-day ceasefire with Moscow. Russian President Vladimir Putin has expressed support for the truce, provided Ukraine does not use the break in hostilities to regroup its forces.
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