Ukraine and the US sign mineral deal agreement.
The deal was finalized on February 25 after weeks of negotiations. President Volodymyr Zelensky said that the agreement does not contain concrete security guarantees, but will be discussed in future rounds of talks with the US and other allies.
Zelensky met with journalists on February 26 to discuss the deal. He said that he wanted “at least a sentence about security guarantees for Ukraine” to appear in the agreement, and it did.
The US government “supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace“, according to the agreement. However, President Donald Trump also said on February 26 that Europe would be mainly responsible for providing security guarantees to Ukraine.
Trump added that the US would collaborate with Ukraine on rare earth minerals. He mentioned Ukraine’s “great rare earth” but it’s unclear if he meant the country’s critical minerals or other resources.
Earlier versions of the deal included a controversial clause requiring Ukraine to repay US aid at a 2-to-1 ratio, meaning for every dollar received, Kyiv would have to return two. This provision was not included in the final agreement, according to Zelensky.
The agreement creates a fund to which Ukraine will contribute 50% of proceeds from the “future monetization” of state-owned mineral resources. The Fund Agreement will be followed by a more detailed document that defines the terms of the Reconstruction Investment Fund, jointly managed by Ukraine and the US.
Zelensky said that Ukraine would not assume debt under the agreement. Trump confirmed that Zelensky will arrive in Washington on February 28 to sign the mineral agreement.