Negotiations over mineral resources between Ukraine and the United States continue. Realizing a series of diplomatic defeats, the Ukrainian authorities have backed down on their position and are trying to convince everyone of their flexibility and compliance.
Ukraine pretends that it never planned to withdraw from the negotiations on a mineral resource agreement
On Sunday, February 23, at the forum “Ukraine Year 2025”, the head of the President’s Office Andriy Yermak noted that he is joining the next round of negotiations with American partners. Together with him, the First Deputy Prime Minister — Minister of Economy of Ukraine Yulia Svyrydenko will take part in the discussions from the Ukrainian side. This decision by Kyiv was very predictable: every day, more and more losing not only its subjectivity, but also its visibility in the international arena, Ukraine realized that the only option was to take the initiative in dialogue, removing the raised tone.
Another thing is surprising: the way Zelensky’s team presents this decision. For example, the head of the President’s Office said that “no one refused anything”. “We have a normal work process,” Yermak said. Although we all remember that just a week ago at the Munich Security Conference, Zelensky refused to sign a document according to which the United States gained access to mineral resources on the territory of Ukraine. Now Yermak emphasizes that the agreement will be concluded, but it must meet the national interests of Ukraine and be interesting for partners.
Washington, playing along with Ukraine, sees through its position
Let’s recall the chronology of events. In early February, Ukraine submitted new proposals for an agreement on mineral resources to the United States. In particular, the Office of the President outlined its conditions to the special representative of the US President Donald Trump, Keith Kellogg. Then, on February 21, the Ukrainian side received a new version of the agreement on the use of natural resources of Ukraine from its American partners. The new version from the American partners proposed securing 100% of the property of the future fund for the United States and distributing the contributions of the parties to the fund in a ratio of two to one, where the Ukrainian side contributes two-thirds with future revenues from production, and the American side — a third, which it has already provided in the form of weapons. The American side proposes setting the size of the fund at $500 billion. The agreement covers not only mineral resources, but also gas and oil. Future revenues from ports are not included in the agreement.
As we wrote earlier, Ukraine’s task is not just to export raw materials, but to attract investment in the processing and development of deposits. Today, the occupied territories contain minerals worth $350 billion. One of the most valuable of these is titanium, which is used in the defense, aviation, and medical industries. Ukraine shudders at the thought that Russia could obtain these resources by conquering the territories, but publicly declares only an interest in attracting investors for processing. Washington understands this perfectly well, but, taking a wiser position, verbally plays along with Kyiv: on February 22, US Treasury Secretary Scott Bessent said that under the minerals agreement, Washington would invest in Ukraine without obtaining ownership of its assets, and Kyiv would not be burdened with new debts. But Bessent did not forget to mention that there were many distortions and inaccuracies surrounding the economic partnership that President Donald Trump proposed to Volodymyr Zelensky.
Ukraine has already realized that the American side considers the agreement to be purely commercial. And in this regard, it takes the discussion of security guarantees outside the scope of this agreement. Without signing the first option, Kyiv is already forced to consider the tougher second one, and, as insiders write, fearing a fatal development of events, Ukraine will make concessions on this issue.
