Zelensky: Minerals deal a ‘framework' for larger agreement
Kyiv, Ukraine – After lengthy discussions, Ukraine's cabinet is set to recommend a US minerals deal, according to unnamed Ukrainian officials.
President Volodymyr Zelensky is likely to travel to Washington on Friday to meet US President Donald Trump to sign the deal.
Zelensky has told reporters that a proposed minerals deal with the United States is a starting point for a wider agreement.
'This is just a start, a framework, it can be a big success,' Zelensky said. 'The success will depend on our conversation with President Trump.'
Kyiv hopes for security guarantees from Washington, which have reportedly not been given, to deter Russia from further military action in Ukraine.
'I wanted to have a sentence on security guarantees for Ukraine, and it's important that it's there,' Zelensky said.
Zelensky added that he hoped to travel to Washington on Friday to discuss a natural resources deal and future aid with US President Trump and planned to ask Trump if he would halt future US aid for Ukraine.
'I would like to have this visit very much,' Zelensky said, explaining that Friday was the tentative date for the visit.
The success of a potential deal would 'depend on our conversation with President Trump', Zelensky added.
The key details of the rare mineral agreement between the United States and Ukraine remain largely unreleased.
Initially, Trump had demanded compensation in the range of US$500bn for the aid the US had provided under the Biden administration since Russia's invasion of Ukraine in February 2022.
According to the Kiel Institute, a German economic research body, that would be around four times the amount the US had sent to Ukraine – estimated at around US$120bn.
However, Ukrainian officials anonymously told the AFO news agency that demand had been dropped from the most recent draft document.
Zelensky had previously raised the idea of exchanging access to Ukrainian natural resources for security commitments in October 2024.
Ukraine remains steadfast that any deal must include long-term and robust security guarantees that would deter Russia from attacking again.
The text of the agreement on minerals may yet include a reference to Ukrainian security – possibly without concrete guarantees. Discussions on this point are reportedly still underway, according to Reuters news agency.
Ukraine has 20% of the world's estimated resources of graphite, according to France's Bureau of Geological and Mining Research.
The country also says it 'possesses one of the largest lithium deposits in Europe'.
Kyiv has said 'rare earth metals are known to exist in six deposits' and that an investment of US$300mn would be needed to develop a deposit at Novopoltavske, which it claimed was one of the world's largest deposits.
However, not all Ukraine's natural resources are easily exploitable and some lie in territory occupied by Russia.
The Kremlin, meanwhile, is preparing for further high-level talks with the United States, a spokesperson said on Wednesday.
Dmitry Peskov told reporters that there was an understanding between presidents Vladimir Putin and Donald Trump would follow up on an earlier call with an in-person meeting.
'Contacts are being prepared at the expert level through the ministries of foreign affairs,' Peskov said, without providing any specific details on when a meeting could happen.
Peskov acknowledged Russia was aware that Ukrainian President Zelensky could travel to Washington on Friday to sign a deal.
'So far there are no official statements on this matter. We have only heard that Zelensky seemed to be going to Washington on Friday,' he added. 'There will probably be attempts to make this visit somewhat substantive.'
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