The administration of U.S. President Donald Trump has provided Ukraine with an "enhanced" draft agreement on the extraction of mineral resources after President Volodymyr Zelensky rejected the initial proposal.
This was reported by Axios, citing Ukrainian and American officials along with three informed sources. It is noted that reaching an agreement now seems more likely.
An informed source indicated that several of Zelensky's aides urged him to sign the updated proposal to avoid further confrontation with Trump and to allow the U.S. president to justify continued American support for Ukraine.
"The latest draft has seen significant improvements, and it complies with Ukrainian legislation," the source said.
Previously, Trump's national security advisor, Mike Waltz, stated that Zelensky should "return to the negotiating table" regarding mineral resources.
"This is negotiations. And in negotiations, you negotiate. Ukraine wants to negotiate about mineral resources, which is why we are discussing this," said a White House representative.
Ukraine has substantial mineral resource reserves that are critically important for the most advanced global technologies. Overall, the value of these resources could reach trillions of dollars. While the agreement on mineral extraction is not directly related to the resolution of the war in Ukraine, these two issues "dramatically collided this week."
According to two sources who reviewed the initial draft of the agreement, it was noted that 50% of the revenues generated would be transferred to the U.S., the agreement would be under the jurisdiction of the New York court, and it would take precedence over any other trade agreements of Ukraine.
During a meeting with Zelensky, U.S. Treasury Secretary Scott Bessen stated that Trump insisted he sign the agreement immediately. Zelensky, however, replied that he could not do so.
In Ukraine, there was also disappointment that the American proposal did not contain any security guarantees and that it was being imposed on them while Ukraine was excluded from U.S.-Russian negotiations regarding its future. There was also surprise that Trump began publicly criticizing Zelensky, including over the mineral resources proposal.
Mineral Resources Agreement: Other News
On February 20, Ukrainian President Volodymyr Zelensky met with Trump's special representative, Keith Kellogg. Following the meeting, there was no press conference; however, Zelensky reported that there was a good conversation with many details.
The president also added that Ukraine is ready for a strong, truly beneficial agreement with the President of the United States regarding investments and security.
"We proposed the fastest and most constructive path to achieving a result," he wrote.