In a confidential meeting held on Wednesday, President Volodymyr Zelensky of Ukraine declined a proposal from the Trump administration that would require the country to surrender half of its mineral wealth in exchange for U.S. assistance. This information comes from multiple sources familiar with the discussions.

The proposal aimed to grant the U.S. a 50% stake in Ukraine’s mineral resources, which include critical materials like graphite, lithium, and uranium, as compensation for both previous and future support in Ukraine’s ongoing fight against Russian aggression. Two European officials indicated that the Trump administration also expressed interest in Ukrainian energy resources.

Ongoing negotiations, as reported by a Ukrainian official who requested anonymity due to the sensitive nature of the discussions, highlight the growing disconnect between Ukraine and the United States regarding continued U.S. aid and potential pathways to peace. This request for a substantial portion of Ukraine’s mineral resources was presented during a meeting between U.S. Treasury Secretary Scott Bessent and Mr. Zelensky in Kyiv, marking the first visit to Ukraine by a Trump administration official. The Treasury Department has not commented on the negotiations.

Following the review of the proposal, Ukrainian officials aimed to formulate a counteroffer, which would potentially be presented when Mr. Zelensky attended the Munich Security Conference on Friday, where he met with Vice President JD Vance. However, it remains unclear whether any formal counterproposal was delivered.

During an interaction with reporters in Munich on Saturday, President Zelensky confirmed that he had turned down the Trump administration’s offer, noting that the proposal did not encompass security guarantees from the U.S.

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