KYIV, Ukraine — President Volodymyr Zelensky announced Sunday that a controversial proposal from the Trump Administration, which would have given the U.S. $500 billion in profits from Ukraine’s rare earth minerals as repayment for wartime aid, is no longer under consideration. He suggested a fairer agreement is being developed.
Zelensky had previously rejected a U.S. draft agreement concerning the exploitation of Ukraine’s valuable minerals, including lithium used in the aerospace, defense, and nuclear sectors. His reasons were the absence of security guarantees and the $500 billion price tag.
“The $500 billion issue is now off the table,” Zelensky stated at a press conference during a government officials’ forum in Kyiv, commemorating the third anniversary of Russia’s full-scale invasion of Ukraine.
The Ukrainian President argued that treating aid as a debt requiring repayment would establish a “Pandora’s box” precedent, obligating Kyiv to reimburse all its supporters.
“We do not acknowledge the debt,” Zelensky asserted. “It won’t be part of the final agreement.”
Further details regarding the negotiation status were not disclosed. Ukraine has been adamant about obtaining security guarantees to prevent future Russian aggression.
Steve Witkoff, Trump’s special envoy to the Middle East, said on CNN’s State of the Union that he anticipates a deal this week, enabling the U.S. to have a more prominent role in utilizing Ukraine’s mineral resources.
Treasury Secretary Scott Bessent described the administration’s mineral plan as a U.S.-Ukraine partnership, calling it mutually beneficial.
“We profit when the Ukrainian people profit,” Bessent stated on Fox News Channel’s Sunday Morning Futures program.
Zelensky’s chief of staff, Andrii Yermak, along with Economic Minister Yuliia Svyrydenko, departed the Kyiv forum early for discussions with U.S. officials about a potential agreement, according to Yermak.
Later on Sunday, Yermak posted on social media that he had spoken with U.S. officials, including Bessent and Trump’s national security advisor Mike Walz, describing it as a “constructive conversation.”
“We are making headway,” Yermak wrote. “The USA is our partner, and we appreciate the support of the American people.”
Zelensky says he’d give up presidency for NATO membership
When questioned by a reporter about whether he would relinquish his presidency for peace in Ukraine, Zelensky responded that he would, provided it led to a lasting end to the conflict under NATO’s security umbrella.
“If my resignation is genuinely necessary to achieve peace, I am willing to step down,” he stated. “I would trade it for NATO membership.”
His remark appeared to be a response to recent suggestions from President Donald Trump and Russian President Vladimir Putin that elections should be held, despite Ukrainian law prohibiting them during martial law.
Ukraine fears Trump’s policy shift toward Putin
Trump’s interactions with Russian officials and his recent decision to restore diplomatic ties and economic cooperation with Moscow represent a significant reversal in U.S. policy, alarming leaders in Ukraine and across Europe.
Zelensky has voiced concerns that Trump’s push for a swift resolution could result in Ukraine losing territory and being vulnerable to future Russian aggression. U.S. officials have maintained that the Ukrainian leader would be involved when peace talks commence.
However, Trump sparked concern and anger in Ukraine this week when he suggested that Kyiv had initiated the war and that Zelensky was acting as a “dictator” by not holding elections.
On Sunday, Russian Deputy Foreign Minister Sergei Ryabkov informed the state news agency TASS that Moscow and Washington would continue bilateral talks at the end of next week.
Ryabkov stated that the discussions would involve department heads from both countries’ foreign ministries, adding that there was “quite a lot” of ongoing communication between the Russian and American sides.
European leaders prepare for talks with Zelensky and Trump
European Union Commission President Ursula von der Leyen and other senior EU officials were en route to Kyiv on Monday for discussions with the Ukrainian government, as Europe strives to formulate a response to the Trump Administration’s U.S. policy changes and to sustain support for Kyiv if aid from Washington ceases.
The U.K. announced it would impose new sanctions against Russia on Monday, describing them as the most substantial package since the war’s early stages. Foreign Secretary David Lammy stated that the measures would target Russia’s “military machine and reducing revenues fueling the fires of destruction in Ukraine.”
British Prime Minister Keir Starmer and French President Emmanuel Macron were scheduled to visit Washington this week as Europe attempts to persuade Trump not to abandon Ukraine in pursuit of a peace agreement.
Russia launches record drone strikes on eve of anniversary
Earlier on Sunday, Zelensky reported that Russia had launched 267 drones into Ukraine overnight, the most in any single attack during the war.
Ukraine’s air force reported that 138 drones were intercepted over 13 Ukrainian regions, with 119 others lost en route to their targets.
The air force also reported that three ballistic missiles were fired. One person was killed in the city of Kryvyi Rih, according to the city military administration.
Responding to the latest Russian attacks, Andrii Sybiha, Ukraine’s minister of foreign affairs, stated on social media: “No one should trust Putin’s words. Look at his actions instead.”
—Associated Press writers Thomas Strong and Will Weissert in Washington contributed.
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