President Donald Trump said Monday he is optimistic that the United States and Ukraine will soon reach an agreement on a rare earth minerals deal.
His comments came after a virtual session with fellow Group of Seven leaders, marking the third anniversary of Russia's invasion of Ukraine.
Why It Matters
The deal, originally proposed by the Trump administration, initially sought to grant the U.S. $500 billion worth of profits from Ukraine's rare earth minerals as a form of compensation for America's wartime assistance to Kyiv. However, Ukrainian President Volodymyr Zelensky has since confirmed that the contentious $500 billion condition is now off the table, indicating that negotiations are ongoing for a more balanced agreement.
Speaking at a government forum marking the third anniversary of Russia's full-scale invasion of Ukraine, Zelensky rejected the notion that aid received from the U.S. should be treated as a debt to be repaid. "The question of $500 billion is no longer there," he said. "We do not recognize the debt. It will not be in the final format of the agreement."
What To Know
The Trump administration has framed the deal as a necessary measure to recoup American expenditures on Ukraine's defense while simultaneously securing long-term economic ties between the two nations.
At the White House, Trump emphasized that efforts are underway to negotiate a deal with Ukrainian President Volodymyr Zelensky that would secure U.S. access to Ukraine's critical minerals.
"It looks like we're getting very close," Trump told reporters at the start of his bilateral meeting with French President Emmanuel Macron, during which they discussed the situation in Ukraine.
According to Trump, the proposed arrangement is intended to help offset more than $180 billion in American aid delivered to Kyiv since the war began in 2022. In addition to access to these essential resources, Ukraine is reportedly seeking future security guarantees as part of the potential agreement.
Trump expressed confidence in the progress of these negotiations, suggesting that a resolution may be reached as soon as this week. However, he did not say whether the emerging deal would include American security guarantees.
"Europe is going to make sure nothing happens," he said.
Trump has repeatedly expressed frustration over the extent of U.S. financial involvement in the war, arguing that other allies should contribute more. The talks with Macron and other Western leaders come after Trump shook Europe with repeated criticism of Zelensky for failing to negotiate an end to the war.
What People Are Saying
U.S. Treasury Secretary Scott Bessent wrote on X, formerly Twitter, on Sunday: "President Trump's proposed economic partnership with Ukraine is a win-win. It is both a critical step towards peace and security for the Ukrainian people, and will be a major asset for the American taxpayers."
French President Emmanuel Macron at the start of the bilateral meeting on Monday: "We have necessity to have guarantees for solid peace. This is very important moment for Europe as well."
Ukrainian President Volodymyr Zelensky earlier this month wrote on X: "The Russian Federation does not want to end the war and continues to escalate global tensions. That is why U.S. military support is crucial for Ukraine. Only in this way can we achieve a just and lasting peace."
What Happens Next
Trump is scheduled to meet with another key European leader, British Prime Minister Keir Starmer, on Thursday. Recently, Starmer stated that the U.S. president had "created an opportunity" to end the war during a speech at an international summit on supporting Ukraine in Kyiv.
Newsweek