Trump Says US Close to Reaching Minerals-for-Aid Deal With Zelenskyy

President Donald Trump said Friday that a deal with Ukraine is nearly finalized to grant the United States access to the country’s rare earth minerals in exchange for continued U.S. military aid. Ukrainian President Volodymyr Zelenskyy also expressed optimism, confirming that negotiators from both countries were working to finalize terms that would be fair to Kyiv.

Speaking to reporters in the Oval Office after swearing in Commerce Secretary Howard Lutnick on Feb. 21, Trump said, “We’re signing an agreement hopefully in the next fairly short period of time,” adding, “I think we’re pretty close.”

Trump emphasized that the agreement—which “keeps us” in Ukraine—would ensure Washington recoups between $400 billion and $500 billion in aid to Kyiv. He noted that while European nations have contributed $100 billion to Ukraine, primarily through loans that will be repaid, Washington has provided $300 billion with no expectation of return.

The president said that European allies should increase their contributions and that the financial burden should be shared more fairly.

“We think it has to equalize,” he said.

He pointed out that Ukraine’s war has a greater impact on Europe than on the United States, which remains insulated by “a big, beautiful ocean in between.”

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“I think they want it. They feel good about it,” Trump said of the deal.

“They’re very happy about it,” he said, and “we get our money back.”

Zelenskyy initially rejected a U.S. proposal focused on mineral cooperation, calling it “not a serious conversation” and saying that it did not serve Ukraine’s interests. He dismissed U.S. demands for $500 billion worth of mineral wealth in repayment for wartime aid, saying that Washington had not provided that amount. He also criticized the proposal for lacking security guarantees, which Ukraine considers essential in any long-term peace settlement with Russia—a deal that Trump has promised to broker.

Despite initial concerns, Zelenskyy confirmed on Friday that negotiations were progressing.

“Today, the teams of Ukraine and the United States are working on a draft agreement between our governments,” Zelenskyy said in his nightly video address. “This agreement has the potential to strengthen our relations and, most importantly, the details must be arranged in such a way that ensures it works. I am hoping for a result, a fair result.”

Zelenskyy’s remarks came after a conversation between his chief of staff Andrii Yermak and U.S. national security advisor Mike Waltz.

According to the Ukrainian president’s office, the two discussed “aligning positions” in bilateral relations. Yermak “stressed the importance of maintaining bilateral cooperation and a high level of relations between Ukraine and the United States.”

Meanwhile, Waltz suggested that an agreement was imminent. “Here’s the bottom line: President Zelenskyy is going to sign that deal, and you will see that in the very short term,” he told the Conservative Political Action Conference (CPAC) near Washington on Friday.

The mineral negotiations come amid friction between Trump and Zelenskyy over approaches to ending the war. Trump recently branded Zelenskyy “a dictator without elections,” referencing the Ukrainian leader’s decision to remain in office without calling a wartime vote.

In response, Zelenskyy said Trump was trapped in a “disinformation bubble.” The Ukrainian leader later softened his stance, saying that he’s counting on the unity of Ukraine and of Europe, and American pragmatism.

Trump on Friday reiterated his determination to broker a peace agreement, saying that both Russian President Vladimir Putin and Zelenskyy must negotiate directly.

“They are going to have to get together, because you know what? We want to stop killing millions of people,” Trump said. “That’s why I want to see a cease-fire,” he continued, “and I want to get the deal done.”

Zelenskyy has long been wary of any lopsided peace deal with Moscow that lacks strong security guarantees to deter future Russian aggression.

Ukraine possesses significant deposits of strategic minerals, including uranium, lithium, cobalt, and rare earth elements, which are critical for batteries, technology, and aerospace applications.