Ukraine and the U.S. ended discussions in Munich without agreeing on a critical minerals partnership

Discussions between Ukrainian President Volodymyr Zelenskiy and U.S. Vice President JD Vance concluded in Munich on Friday without the announcement of a crucial minerals agreement, which is vital for Kyiv’s efforts to gain support from President Donald Trump.

Kyiv returned to the U.S. with a revised draft of the agreement that could potentially unlock its extensive reserves of essential minerals for U.S. investment, following concerns regarding a U.S. proposal presented to Ukraine earlier in the week.

Zelenskiy shared on X that their teams would continue refining the document, describing his meeting with Vance as productive and expressing Kyiv’s readiness to swiftly pursue a genuine and guaranteed peace.

Two members of the Ukrainian delegation informed Reuters that “some details” remain to be finalized. The specific issues causing delays were not immediately clear, but Ukraine is advocating for strong security assurances from both Europe and the United States to safeguard against future threats from Russia if a peace agreement is established.

In a Reuters interview last week, Zelenskiy outlined the framework of the deal, presenting a map that highlighted various mineral deposits and emphasizing a partnership approach to their development rather than simply transferring ownership. The minerals under discussion include rare earth elements, titanium, uranium, and lithium, among others.

Trump, who has yet to commit to ongoing critical military support for Ukraine, has indicated a desire for $500 billion in rare earth minerals from Kyiv, asserting that U.S. backing must be “secured.” When asked if a deal would be finalized on Friday, Vance responded, “Let’s see.”

On Wednesday, Ukraine received a draft agreement from the United States during Treasury Secretary Scott Bessent’s visit to Kyiv. President Zelenskiy indicated that Ukraine would review the proposal with the intention of reaching a consensus in Munich.

In an interview with Fox Business Network on Friday, Bessent explained that the Trump administration’s strategy to resolve the conflict would involve integrating Ukraine’s economy with that of the United States, incorporating American “best practices” in privatization. He stated, “The initiative begins with a closer integration of the Ukrainian economy with the U.S., ensuring that American taxpayers see a return on their investment.”

CONCERNS OVER A ‘ONE-SIDED’ OFFER?

During a 90-minute closed-door meeting with a bipartisan group of U.S. senators in Munich, Zelenskiy expressed apprehension regarding the U.S. proposal presented earlier in the week, according to three sources familiar with his remarks.

He reportedly felt pressured to agree to terms he had not fully reviewed, with one source noting, “He didn’t appreciate being presented with a take-it-or-leave-it situation.” Zelenskiy also shared his own proposal for a mineral agreement with the United States, which he claimed was designed to align with the Ukrainian constitution.

Two additional sources described Bessent’s proposal as “one-sided,” although they chose not to provide further details. When asked if Zelenskiy viewed the U.S. proposal as one-sided, Democratic Senator Brian Schatz replied, “I think that’s fair to say.”