Ukrainian President Volodymyr Zelensky said on Tuesday that the Trump administration has proposed a new version of a deal for developing Ukraine’s extensive mineral deposits to help repay its war debts, finance reconstruction, and enhance security.
Zelensky said the new proposal is “large” and “comprehensive,” but added he has not been briefed on all of the details. The proposal was presented to Ukrainian representatives in the Saudi Arabian capital of Riyadh.
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“After the framework deal, a full agreement is being developed. Now the U.S. has offered us a ‘major’ deal, their vision,” Zelensky said on Tuesday.
Although he said he was waiting for more information about the full extent of the proposal, Zelensky said it did not include President Donald Trump’s proposal for the United States to manage Ukrainian nuclear power plants.
This was generally interpreted as a reference to the Zaporizhzhia nuclear plant, which has been occupied by Russian forces. International nuclear power experts have long feared the Zaporizhzhia plant could be damaged in the war between Russia and Ukraine.
Zelensky quickly rejected Trump’s ideas for U.S. control of Ukrainian nuclear plants last week, insisting that “all nuclear power plants belong to the people of Ukraine.” He has, however, suggested he would welcome U.S. assistance with retaking and repairing the Zaporizhzhia plant.
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Another sticking point in the agreement has been Ukraine’s push for more concrete security guarantees from the United States. The White House portrays the deal primarily as a way for the United States to “recoup” the huge amounts of funding it has poured into Ukraine since the Russian invasion began in 2022, while the Ukrainians prefer to see the agreement as trading mineral wealth for additional U.S. security commitments.
The last public information released about the deal said Ukraine would contribute half of the profits from mineral extraction to a fund that would cover “the safety, security, and prosperity of Ukraine.”
The first version of the U.S.-Ukraine minerals deal came to a surprisingly bad end on February 28, when Zelensky provoked a bitter public argument with Trump and Vice President JD Vance in the White House.
Zelensky ostensibly came to the White House that day to sign the minerals deal. He has since said the outcome of that meeting was “regrettable” and reaffirmed his willingness to “work under President Trump’s strong leadership to get a peace that lasts.”
President Trump said Monday that he expects the revised version of the minerals deal to be signed soon. He indicated that he still believes the U.S. should have some role in managing Ukraine’s nuclear power plants.
“We’re talking about territory right now. We’re talking about lines of demarcation, Talking about power, power plant ownership. Some people are saying the United States should own the power plant … because we have the expertise,” Trump said.
