On Sunday, Ukrainian President Volodymyr Zelensky pushed back on the terms of the rare earth minerals deal that the Trump administration wants him to sign, insisting Ukraine was not in debt to the US.
President Trump has previously said that he wants a deal with Ukraine that would give the US access to about $500 billion in Ukrainian rare earth minerals and other natural resources.
“Let’s first clarify the $500 billion figure. I know that we had $100 billion [in US aid provided to Ukraine], and that’s a fact. But I’m not going to acknowledge $500 billion, regardless of what anyone says, with all due respect to our partners,” Zelensky told reporters at the “Ukraine Year 2025” forum.
The Ukrainian leader also said he was not prepared to pay back the $100 billion because President Biden and Congress agreed to provide the aid as grants, not loans that would be paid back.
“I made agreements with Biden and with the US Congress. I’m grateful to Congress. It was about grant support, and a grant is not a debt. We don’t have to repay a debt. So, it’s not about the figure, it’s about the fact that we do not recognize it as a debt,” Zelensky said.
The Ukrainian leader said he was willing to reach a new deal that would involve the US getting resources in exchange for continued US support. “If the condition today is that the United States — our strategic partners — says, ‘We’ll give you assistance, but you have to repay it with profit for the United States,’ that’s an agreement, not a grant. That’s a new agreement. I’m ready for such a dialogue, and I’m sure it will be positive,” he said.
According to media reports, the deal the US has offered Zelensky would have given the US 50% of the rights to Ukrainian rare earth minerals. Zelensky said on Sunday that he would not sign “something that 10 generations of Ukrainians will have to repay.”
Zelensky’s latest comments about the potential deal are sure to anger President Trump. US National Security Advisor Mike Waltz has said Trump was “very frustrated” over Zelensky’s refusal to sign the deal his administration has offered. The lack of an agreement was one reason why Trump lashed out at Zelensky, calling him a “dictator” over the lack of elections in Ukraine.
In an apparent response to Trump’s comments, Zelensky said Sunday that he was willing to resign if it brought peace and NATO membership to Ukraine. “If [it guarantees] peace for Ukraine if you really need me to resign, I am ready. I can exchange it for NATO,” he said.
The Trump administration has already ruled out Ukrainian NATO membership as part of any future peace deal with Russia since the idea is a non-starter for negotiations with Moscow.
