Ukraine and the U.S. are close to signing a deal on rare earths worth "hundreds of billions of dollars," Axios reported on Feb. 24 after receiving a draft of the document.
Negotiations on a deal to entrench U.S. interests in Ukraine's reserves are ongoing, with the latest draft presented by the White House reportedly demanding $500 billion of Ukraine's natural resources, including critical minerals, to recuperate American aid to Ukraine.
President Volodymyr Zelensky has so far refused to sign the deal because it does not contain any security guarantees for Ukraine and because the $500 billion sum vastly outnumbers the $100 billion provided under former President Joe Biden as a grant.
According to the draft obtained by Axios, the U.S. would express its desire to keep Ukraine "free, sovereign and secure." Yet the document does not provide for any military commitments on Washington's part.
The draft deal includes establishing a "Reconstruction Investment Fund" jointly managed by Washington and Kyiv. The fund will be reportedly created to "invest in projects in Ukraine and attract investments to increase development," including in areas like mining and ports.
The U.S. will also be able to reimburse part of its costs associated with "defending, reconstructing, and returning Ukraine" to pre-war GDP levels, according to the agreement's text.
The deal also includes provisions for the territories currently under Russian occupation. Much of Ukraine's rare mineral resources have been under Russian control since the beginning of the war.
An unnamed Ukrainian official told Axios that the agreement could be signed as early as March 3. The source added that the document obtained by Axios is the latest version but may be subject to amendments.
U.S. President Donald Trump previously reiterated his push for a deal between the U.S. and Ukraine, arguing that it would help Kyiv's economy while ensuring that Washington "recoups the tens of billions of dollars and military equipment sent to Ukraine."
During a meeting with French President Emmanuel Macron at the White House, Trump said he may soon meet President Volodymyr Zelensky to sign the agreement.
He added that he expects Zelensky to visit Washington "this week or next week."
Edward C. Chow
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