Volodymyr Zelensky announced the withdrawal of a controversial Trump administration proposal that sought $500billion from Ukraine’s rare earth mineral profits as compensation for US wartime aid.
The move signals a shift towards a more balanced agreement between Kyiv and Washington.
The initial US draft agreement aimed to grant American interests substantial access to Ukraine’s valuable minerals, including lithium, essential for aerospace and defense industries.
Zelensky rejected this proposal, citing the absence of security guarantees and the hefty financial demand.
Addressing officials in Kyiv on the third anniversary of Russia’s full-scale invasion, he stated: ‘The question of $500billion is no longer there.’
He emphasised that treating aid as a debt could set a dangerous precedent, potentially obligating Ukraine to repay all its allies.
‘We do not recognise the debt,’ Zelensky affirmed. ‘It will not be in the final format of the agreement.’
While specific details of the ongoing negotiations remain undisclosed, Ukraine continues to insist on security assurances to deter future Russian aggression.
Steve Witkoff, Trump’s special envoy to the Middle East, expressed optimism on CNN’s ‘State of the Union,’ anticipating a deal within the week that would enhance US involvement in exploiting Ukraine’s mineral resources.
Treasury Secretary Scott Bessent described the envisioned partnership as mutually beneficial, stating: ‘We make money if the Ukrainian people make money.’
In a related development, Zelensky’s chief of staff, Andrii Yermak, and Economic Minister Yuliia Svyrydenko departed the Kyiv forum for discussions with US officials.
Yermak later reported a ‘constructive conversation’ with counterparts, including Bessent and National Security Adviser Mike Walz, noting progress in the talks.
‘The USA is our partner, and we are grateful to the American people,’ Yermak conveyed.
In a bold statement, Zelensky expressed his willingness to relinquish his presidency if it would secure peace under NATO’s protective umbrella.
Responding to a query about stepping down for Ukraine’s peace, he remarked: ‘If to achieve peace, you really need me to give up my post, I’m ready. I can trade it for NATO.’
This declaration comes amidst suggestions from President Donald Trump and Russian President Vladimir Putin advocating for Ukrainian elections, despite existing martial law prohibiting such proceedings.
The Trump administration’s recent diplomatic engagements with Russia, including reopening economic ties, have unsettled Ukrainian and European leaders.
Zelensky voiced concerns that a hastened peace process might compromise Ukraine’s territorial integrity and leave it susceptible to future Russian incursions.
US officials have assured that Ukraine will be included in any forthcoming peace negotiations.
However, tensions escalated when Trump suggested that Kyiv instigated the conflict and labeled Zelensky a ‘dictator’ for postponing elections.
Simultaneously, Russia intensified its military actions, launching a record 267 drones into Ukraine overnight, marking the largest single assault of the war.
Ukraine’s air force reported intercepting 138 drones across 13 regions, with an additional 119 failing to reach their targets.
The city of Kryvyi Rih suffered casualties, including one fatality, due to ballistic missile strikes.
Foreign Minister Andrii Sybiha cautioned against trusting Russian President Putin’s declarations, urging the international community to scrutinise Russia’s actions instead.
In response to these developments, European leaders are mobilising to support Ukraine.
European Commission President Ursula von der Leyen and other top EU officials are scheduled to meet with Ukraine’s government in Kyiv.
The UK plans to announce its most extensive sanctions against Russia since the war’s onset, aiming to undermine Russia’s military capabilities and financial resources fueling the conflict.
British Prime Minister Keir Starmer and French President Emmanuel Macron are set to visit Washington, seeking to dissuade President Trump from abandoning Ukraine in pursuit of a peace agreement.
