During the Munich Security Conference, Ukrainian President Volodymyr Zelensky unexpectedly refused to sign a memorandum of cooperation with the United States on the extraction of rare earth metals. This was reported by The Washington Post Josh Rogin on the social network X, referring to American congressmen who participated in the meeting.
Under the proposal, Washington would receive 50% of all future mineral reserves in Ukraine, but without any security guarantees for Kyiv.
“Zelensky politely refused to sign it,” he wrote in his column.
According to sources, the US wanted to gain access to Ukraine's strategic resources, which are important for the development of technologies, particularly in the fields of electronics, defense, and alternative energy.
However, official Kyiv insists that such agreements must be accompanied by clear security guarantees for Ukraine.
"Our teams will continue to work on the document. We are ready to move as quickly as possible towards a real and guaranteed peace. We deeply appreciate the determination of President Trump, who can help stop the war and provide justice and security guarantees for Ukraine," Zelensky said after the talks.
The issue of rare earth metals was also discussed during Zelensky's meeting with US Vice President Jay Dee Vance. However, no agreement was reached.
Kyiv insists that access to Ukrainian natural resources should be part of a broader strategic partnership package that includes:
- Security guarantees from the US
- Further military assistance
- Protection of Ukraine's economic interests
Why is this agreement important for the US?
Rare earth metals are critical to the U.S. high-tech industry. China currently controls about 70% of the global market for these resources, and Washington is seeking to reduce its dependence on Beijing.
Ukraine has significant reserves of rare earth metals, which could make it a key player in this area.
As a reminder, Zelensky previously stated that Ukraine is ready for joint mining with Western partners, in particular the United States. The head of state emphasized that access to Ukrainian deposits should be granted to those countries that support Ukraine in the war with Russia.
