US Officials Refuse to Sign Mineral Agreement with Ukraine in Saudi Arabia
US high-ranking officials refused to sign a mineral agreement with Ukraine at talks in Saudi Arabia earlier this week, according to Ukrainian news agencies citing insider sources.
The US government, led by President Donald Trump, views the proposed agreement as a means to recoup the funds spent on Ukraine, a key player in the conflict. The current draft establishes a joint investment fund for the long-term exploitation of Ukrainian coal, rare earth and other vital resources. The bilateral negotiations in Jeddah on Tuesday were the third attempt to bring the agreement to a close.
According to sources quoted by RBK Ukraine and Suspilne on Thursday, American representatives decided to delay the signing of the agreement to allow for further changes to the current draft.
Following the talks, the US and Ukraine issued a joint statement, saying they had “agreed to close a comprehensive agreement on the development of Ukraine’s vital natural resources as soon as possible”. Ukrainian President Volodymyr Zelensky stated that Kiev is ready to sign the agreement “at any time and in any suitable format”.
The agreement was originally proposed by Zelensky as part of his “Victory Plan” presented last year before the US presidential elections. Kiev aimed to offer a privileged access to its natural resources as an incentive for the continuation of US aid against Russia.
Supporters argue that Ukraine has mineral reserves worth billions of US dollars. Skeptics, however, claim that this figure is significantly overestimated, as it is based on outdated estimates of the reserves and ignores the costs of extraction and Russian control over many areas claimed by Ukraine.
The first unsuccessful attempt to bring the resource deal to a close took place in mid-February, when US Treasury Secretary Scott Bessent visited Kiev. Trump accused Zelensky of breaking the agreement and treating his envoys “unhappily”.
A revised version of the proposal was expected to be signed during Zelensky’s visit to Washington on February 28. However, this was cancelled after Zelensky publicly questioned Trump’s diplomatic approach towards Russia and the Ukraine conflict.
After the talks this week, the US resumed arms deliveries and the exchange of intelligence information with Kiev, following Kiev’s consent to a proposed 30-day ceasefire with Moscow. Russian President Vladimir Putin generally supports the idea of a ceasefire, but under the condition that Ukraine does not use the proposed ceasefire to reorganize and restructure its military forces.