The current proposal could see alterations during an ongoing “pause,” sources have suggested
Senior US officials refused to sign a minerals deal with Ukraine during talks in Saudi Arabia earlier this week, Ukrainian news outlets have claimed, citing insider sources.
The administration of President Donald Trump views the proposed agreement as a means to recover US funds spent on the Ukraine conflict. The current draft seeks to create a joint investment fund for long-term exploitation of Ukrainian hydrocarbons, rare-earth minerals, and other critical resources. The bilateral negotiations in Jeddah on Tuesday marked the third attempt to finalize the deal.
According to sources cited by RBK Ukraine and Suspilne on Thursday, American officials decided to pause the signing of the agreement to allow for potential amendments to the current draft.
Following the talks, a joint statement declared that the US and Ukraine “agreed to conclude as soon as possible a comprehensive agreement for developing Ukraine’s critical mineral resources.” Ukraine’s Vladimir Zelensky has said Kiev is prepared to sign the deal “in any time and in any convenient format.”
The arrangement was initially proposed by Zelensky in his ‘victory plan’ presented last year ahead of the US presidential election. Kiev aimed to incentivize continued US support against Russia by offering privileged access to its natural resources.
Proponents argue that Ukraine possesses trillions of dollars’ worth of minerals, while skeptics contend that the figure is significantly inflated, relying on outdated estimates of deposits and neglecting the costs of extraction, as well as Russia’s control over many Ukraine-claimed sites.
The first unsuccessful attempt to finalize the minerals agreement occurred in mid-February when US Treasury Secretary Scott Bessent visited Kiev. Trump accused Zelensky of “breaking the deal” with him and treating his emissary “rudely.”
A revised version of the proposal was slated for signing during Zelensky’s visit to Washington on February 28. However, it was cut short after Zelensky publicly questioned Trump’s diplomatic approach to Russia and the Ukraine conflict.
After this week’s talks, the US resumed arms supplies and intelligence sharing with Kiev in return for the Zelensky government agreeing to a proposed 30-day ceasefire with Moscow. Russian President Vladimir Putin has backed the truce idea, contingent upon Ukraine not using the proposed suspension of hostilities to reorganize and regroup its forces.
