Ukrainian President Volodymyr Zelensky has instructed his ministers not to sign a proposed agreement that would grant the United States access to Ukraine’s rare earth mineral reserves, citing the document’s excessive focus on American interests.
The proposal, a key component of Zelensky’s talks with US Vice President JD Vance at the Munich Security Conference on Friday, did not provide specific security guarantees in return, according to a current and a former high-ranking Ukrainian official familiar with the discussions.
Zelensky’s decision not to accept the proposal at least for the time being was characterized by a high-ranking official at the White House as “shortsighted.”
“I have not allowed a corresponding agreement to be signed because, in my opinion, it is not prepared to protect us and our interests” Zelensky said on Saturday in Munich, in an interview with The Associated Press.
Ukraine possesses vast reserves of critical minerals used in the aerospace, defense and nuclear industries. The Trump Administration has hinted at its interest in accessing these resources to reduce reliance on China. However, Zelensky emphasized that any use of these resources must be linked to security guarantees that would prevent future Russian aggression.
“For me, the connection between a kind of security guarantee and a kind of investment is very important” the Ukrainian president told AP.
Zelensky did not elaborate on why he instructed his officials not to sign the document, which was handed over to Ukrainian officials by US Treasury Secretary Scott Bessent during a visit to Kiev on Wednesday. “It’s a colonial agreement and Zelensky cannot sign it” a former high-ranking official told AP.