Talks between Ukrainian President Volodymyr Zelenskiy and U.S. Vice President JD Vance in Munich on Friday ended without a formal announcement regarding a critical minerals deal central to Kyiv’s efforts to secure backing from President Donald Trump.
Kyiv had earlier returned to the U.S. with a revised draft agreement, seeking a more balanced deal that would open its vast mineral resources to American investment. This move came in response to concerns over a U.S. proposal presented to Ukraine on Wednesday.
“Our teams will continue working on the document,” Zelenskiy posted on X, calling his meeting with Vance “good” and reiterating that Ukraine was “ready to move as quickly as possible towards real and guaranteed peace.”
Two Ukrainian delegation members confirmed that “some details” were yet to be finalized.
The sticking point remains unclear, but Ukraine is pushing for robust security guarantees from both Europe and the U.S. to shield it from future Russian aggression should a peace deal be reached.
In an interview last week, Zelenskiy detailed the deal, displaying a map of Ukraine’s mineral deposits. He emphasized that Ukraine was offering a mutually beneficial partnership to develop these resources rather than “giving them away.”
The minerals in question include rare earth elements, titanium, uranium, and lithium.
Trump, who has not committed to continuing military aid to Ukraine, has stated that he expects $500 billion worth of rare earth minerals from Kyiv as part of any agreement and that Washington’s support must be “secured.”
“One-Sided Offer?”
On Wednesday, U.S. Treasury Secretary Scott Bessent traveled to Kyiv to present Ukraine with a draft proposal. Zelenskiy said Ukraine would review it before finalizing an agreement in Munich.
Bessent told Fox Business Network on Friday that the Trump administration’s plan to end the war involved closely integrating Kyiv’s economy with the U.S. and implementing America’s “best privatization practices.”
“It starts with intertwining the Ukrainian economy more with the U.S. and ensuring that U.S. taxpayers receive returns on their investment,” Bessent stated.
In Munich, Zelenskiy met privately for 90 minutes with a bipartisan group of U.S. senators, where he reportedly expressed unease about the U.S. proposal.
One source familiar with the meeting said, “He felt he was being pressured to sign something he hadn’t fully reviewed. I don’t think he appreciated being given a take-it-or-leave-it deal.”
Another two sources described the U.S. proposal as “one-sided” but did not provide further details.
When asked whether Zelenskiy considered the proposal unfair, Democratic Senator Brian Schatz replied, “I think that’s fair to say.”
Schatz added that the Trump proposal “needs some adjustments” but declined to elaborate further.
