Ukrainian President Volodymyr Zelenskyy has instructed his advisors to turn down a proposal from officials from the Trump administration that would allow the United States significant access to Ukraine’s rare earth minerals. This decision was confirmed by a Ukrainian official close to Zelenskyy in an interview with NBC News.

U.S. representatives suggested the proposal served as a repayment for the ongoing support provided to Kyiv by Washington amid its conflict with Russia. However, according to Zelenskyy’s aide, the president felt that the arrangement lacked sufficient security assurances for Ukraine.

The initial draft of this agreement, which would bestow 50% ownership of Ukraine’s rare earth minerals to the United States, was presented to Zelenskyy last week by Treasury Secretary Scott Bessent, as reported by NBC News.

Zelenskyy remarked at the Munich Security Conference, “I did not permit the ministers to ratify the agreement because, in my opinion, it does not offer adequate protection for our interests,” a statement initially shared by The Associated Press on Saturday.

In response, a U.S. official described Zelenskyy’s rejection of the offer as “short-sighted,” emphasizing that such an agreement would foster a strong and lasting partnership between the two nations.

“Establishing economic ties with the United States would be the best safeguard against future aggressions and a vital component of enduring peace. This is recognized by the U.S., acknowledged by the Russians, and it’s time Ukraine also acknowledges this,” the official stated.

Some U.S. officials have indicated a willingness to send American military forces to Ukraine to safeguard the rare earth minerals, but only following a negotiated agreement with Russia to conclude the conflict.

Zelenskyy did not sign the draft when Bessent initially introduced it during their meeting in Kyiv on Wednesday, opting to review and consult others prior to making a decision, as reported by officials familiar with the discussions.

In a recent Fox News interview, former President Donald Trump mentioned his desire for the U.S. to acquire $500 billion worth of Ukraine’s rare earth minerals, asserting that Kyiv had “essentially agreed” to this arrangement.

Ukraine holds some of the largest deposits of titanium and iron ore globally, essential for producing various technological products. However, many of these mineral reserves are currently located in regions under Russian control, according to U.S. officials.

Ukrainian sources indicate that Zelenskyy has consistently supported the idea of leveraging “critical resources” in exchange for ongoing U.S. assistance, positioning this concept as part of the “Victory Plan” he discussed with Trump during a meeting last fall.

In an exclusive interview on Friday at the Munich Security Conference, Zelenskyy conveyed to NBC News’ “Meet the Press” host Kristen Welker that Ukraine would face a “low chance of survival without U.S. support.” Meanwhile, Trump has cast doubt on the level of assistance provided, referring to Zelenskyy as “the greatest salesman of all time” at a campaign rally last year, as reported.