A contentious Trump administration proposal to give the U.S. $500 billion worth of profits from Ukraine’s rare earth minerals as compensation for its wartime assistance to Kyiv has been taken off the table, President Volodymyr Zelenskyy said Sunday, indicating a more equitable deal is in the works.
Zelenskyy had earlier declined a U.S. draft agreement on exploitation of his country’s valuable minerals such as lithium used in the aerospace, defense and nuclear industries because it did not contain security guarantees and came with the $500 billion price tag.
“The question of $500 billion is no longer there,” Zelenskyy told a news conference at a forum of government officials in Kyiv marking the three-year anniversary of Russia’s full-scale invasion of Ukraine.
The Ukrainian leader said considering aid as a debt to be repaid would be a “Pandora’s box” that would set a precedent requiring Kyiv to reimburse all its backers.
“We do not recognize the debt,” Zelenskyy said. “It will not be in the final format of the agreement.”
No further details were given on the state of negotiations. Ukraine has insisted on security guarantees that it needs to deter any potential Russian aggression in the future.
Trump’s special envoy to the Middle East, Steve Witkoff, said on CNN’s “State of the Union” that he expects a deal this week allowing the U.S. to play a greater role in exploiting Ukraine’s mineral resources.
Treasury Secretary Scott Bessent said the administration’s minerals plan was to create a U.S.-Ukraine partnership, calling it a “win-win.”
“We make money if the Ukrainian people make money,” Bessent told Fox News Channel’s Sunday Morning Futures program.
Zelenskyy’s chief of staff, Andrii Yermak, left the Kyiv forum early along with Economic Minister Yuliia Svyrydenko for what Yermak said were talks with U.S. officials on a potential deal.
Later Sunday, Yermak posted on social media that he’d spoken with U.S. officials, including Bessent and Trump’s national security adviser Mike Walz, saying it had been a “constructive conversation.”
“We are making progress ,” Yermak wrote. “The USA is our partner and we are grateful to the American people.”
Zelenskyy says he’d give up presidency for NATO membership
In response to a pointed question from a reporter on whether he would give up his presidency for peace in Ukraine, Zelenskyy said he would if it achieved a durable end to the fighting under the security umbrella of the NATO military alliance.
“If to achieve peace, you really need me to give up my post, I’m ready,” he said. “I can trade it for NATO.”
His comment appeared to be aimed at recent suggestions by President Donald Trump and Russian President Vladimir Putin that elections should be held despite Ukrainian legislation prohibiting them during martial law.
Ukraine fears Trump’s policy shift toward Putin
Trump’s engagement with Russian officials and his recent agreement to reopen diplomatic ties and economic cooperation with Moscow have marked a dramatic about-face in U.S. policy that has rattled leaders in Ukraine and across Europe.
Zelenskyy has expressed fear that Trump pushing a quick resolution would result in Ukraine losing territory and being left vulnerable to future Russian aggression. U.S. officials have asserted the Ukrainian leader would be involved if and when peace talks actually start.
Trump, however, prompted alarm and anger in Ukraine this week when he suggested Kyiv had started the war and Zelenskyy was acting as a “dictator” by not holding elections.
On Sunday, Russian Deputy Foreign Minister Sergei Ryabkov told the state TASS news agency that Moscow and Washington would continue bilateral talks at the end of next week.
Ryabkov said the talks would take place between department heads from both countries’ foreign ministries, adding that “quite a lot” of contact was ongoing between the Russian and American sides.
European leaders prepare for talks with Zelenskyy and Trump
European Union Commission President Ursula von der Leyen and other top EU officials were headed to Kyiv Monday for talks with Ukraine’s government as Europe scrambles to devise a response to the Trump administration’s U.S. policy changes, and to maintain support for Kyiv if aid from Washington ends.
The U.K. said it would announce new sanctions against Russia on Monday, describing them as the biggest package since the early days of the war. Foreign Secretary David Lammy said the measures would be aimed at eroding 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 to both visit Washington this week as Europe attempts to persuade Trump not to abandon Ukraine in pursuit of a peace deal.
Russia launches record drone strikes on eve of anniversary
Earlier on Sunday, Zelenskyy said Russia had launched 267 drones into Ukraine overnight, more than in any other single attack of the war.
Ukraine’s air force said 138 drones were shot down over 13 Ukrainian regions, with 119 more lost enroute to their targets.
Three ballistic missiles also were fired, the air force said. One person was killed in the city of Kryvyi Rih, according to the city military administration.
Reacting to the latest Russian attacks, Andrii Sybiha, Ukraine’s minister of foreign affairs, said on social media: “No one should trust Putin’s words. Look at his actions instead.”
More sanctions imposed on Russia
New Zealand will sanction an additional 52 people and entities involved in Russia’s military and energy sectors, North Korea’s support to Russia’s war effort, and the forced relocation and reeducation of Ukrainian children, New Zealand’s Foreign Minister Winston Peters said Monday.
Since March 2022, New Zealand has placed sanctions on more than 1,800 individuals and entities.
New Zealand will contribute a further 3 million New Zealand dollars ($1.7 million) to the World Bank-administered fund for Ukraine, Peters said in a statement.
