Volodymyr Zelensky reportedly caves to Donald Trump, giving US rights to valuable Ukrainian minerals

Since Russia invaded its neighbour in February of 2022, the US has been the single biggest giver of aid to Ukraine, though Europe as a whole has outstripped it.

Throughout this week – while Mr Trump was calling Mr Zelensky a “dictator” and repeating other Russian talking points – the US administration had been pressuring Ukraine to relinquish key mineral rights.

A first version of the deal, presented to Mr Zelensky by US Treasury Secretary Scott Bessent during a visit to the Ukrainian capital, Kyiv, was rejected. Mr Zelensky wanted any such deal to contain security guarantees for his country.

He also felt it was stacked exorbitantly in America’s favour. Mr Trump had demanded a 50 per cent share in various mineral deposits, worth about $US500 billion – a sum far exceeding the aid Ukraine had received.

On Friday, however, Mr Zelensky publicly described the potential deal as one “that can strengthen our relations”. He said “the key is to work out the details” and he was “looking forward to the outcome”.

Meanwhile, speaking at the White House, Mr Trump was also optimistic.

“I think they want it. They feel good about it,” he told reporters.

Now The Wall Street Journal reports a successful conclusion to the deal is imminent, and it could be signed by both sides “as soon as Saturday”, local time.It isn’t clear what the exact terms of the agreement will be; negotiations haven’t finished yet.

According to The Journal, the Trump administration’s envoy to Ukraine, General Keith Kellogg, played an important role in cajoling the Ukrainians to co-operate.

It was after a meeting with Gen Kellogg on Thursday that Mr Zelensky said he had instructed his team to work “swiftly and very sensibly” with the Americans.

The envoy reportedly helped “build trust” with the Ukrainians, whose fears that Mr Trump will throw their country under the bus and side with the Russian invaders had been amplified, to say the least, earlier in the week.

Ukraine has large deposits of valuable, rare earths, and significant reserves of titanium and lithium, which would require huge investment to develop. The deal would involve America getting a huge chunk of the revenue from that development.

It should be noted that a high proportion of the deposits in question are located in parts of Ukraine currently occupied by Russia.

Mr Trump’s national security adviser, Mike Waltz, this week described the potential deal as “an economic partnership” which would see the US “co-invest” in Ukraine’s economy.