- The US and Ukraine seemed all set to sign a mineral deal on Friday.
- But Trump and Zelenskyy had a heated exchange of words in front of cameras in the Oval Office.
- Zelenskyy said Ukraine is ready to sign the deal. But the US might have other thoughts.
Ukrainian President Volodymyr Zelenskyy said on Sunday that he remains “ready to sign” a deal with the US over Ukraine’s mineral deposits, despite the spectacular breakdown in relations that played out between him and President Donald Trump on Friday.
Trump and Zelenskyy had a heated exchange of words in front of cameras in the Oval Office on Friday. And the Ukrainian leader left without either party having signed the deal, which had been touted by Trump earlier in the week.
The agreement would establish a jointly-owned reconstruction investment fund, with Ukraine contributing 50% of all revenues from new ventures into state-owned natural resource assets — minerals including lithium and cobalt, as well as oil and natural gas.
Some of the materials are crucial for both military production and batteries used in EVs.
Speaking to the BBC on Sunday, Zelenskyy said that “the agreement that’s on the table will be signed if the parties are ready.”
“If we agreed to sign the minerals deal, we’re ready to sign it,” he added.
The deal has changed considerably since it was first mentioned — initially, the US had wanted up to $500 billion of the profits to be used to repay it for its military aid.
Ukraine, meanwhile, had wanted ironclad security guarantees, but the final draft watered this down to a vague statement.
However, despite Zelenskyy’s comments, moving forward might not be easy.
US Treasury Secretary Scott Bessent told CBS on Sunday that it’s “impossible to have an economic deal without a peace deal.”
Although the minerals deal had been envisioned as a stepping stone toward developing a peace deal, Bessent said that “President Zelenskyy has thrown off the sequencing.”
He also appeared to blame Zelenskyy for derailing the discussions, saying “he chose to blow that up.”
However, views in Europe were markedly different, with many seeing Trump’s approach as heavy-handed.
Zelenskyy received a positive welcome in London on Sunday, where he attended an emergency summit with European leaders alarmed by the recent breakdown in US support for Ukraine.
Following that summit, UK Prime Minister Keir Starmer announced the formation of a “coalition of the willing” to support Ukrainian security, involving the UK, France, and other European nations.
Starmer said that US support is essential to the plan, but “Europe must do the heavy lifting.”
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