Zelensky won't sign natural resource deal that 'will be paid by 10 generations of Ukrainians'

President Volodymyr Zelensky pushed back at the U.S.’ demand for a $500 billion fund to be financed with Ukrainian natural resource revenue, saying that the U.S.’s aid grants are not debts, during the Ukraine: Year 2025 forum in Kyiv on Feb. 23.

Negotiations on a deal to entrench U.S. interests in Ukraine's reserves are ongoing, with the latest draft presented by the White House demanding $500 billion of Ukraine’s natural resources, including critical minerals, to recuperate American aid to Ukraine.

Zelensky said that he will not recognize such a large sum since it vastly outweighs the $100 billion the U.S. has sent to Ukraine under former President Joe Biden.

The president added that the aid given to Ukraine cannot be counted as debts since they are grants and stressed that security guarantees need to be included in the deal. So far no such guarantees have been put in place, he said.

“I am not signing something that will be paid by 10 generations of Ukrainians," Zelensky said, adding that he wants a dialogue with Trump.

The initial White House proposal sought a 50% interest in Ukraine’s natural resources, including critical minerals, oil and gas, as well as critical infrastructure and ports. Zelensky said Ukraine is not ready to “split 50/50 without knowing what’s ahead.”

The Ukrainian leader also pointed out that the U.S. proposed to return future aid with an interest of 1:2. “For every U.S. dollar, Ukraine must return two. In simple terms, this is 100% of the loan,” he said.

While unhappy with the proposal, Zelensky said Kyiv will “probably” have to sign it if forced to by the White House.

The exact details of the current proposal have been kept under wraps but the administration of President Donald Trump has ramped up pressure on Kyiv to sign. Ukraine has had a back and forth with its American counterparts for nearly two weeks and Kyiv will start working to conclude an agreement with the U.S. on Feb. 24, said Ruslan Stefanchuk, speaker of Ukraine's parliament.

The value and volume of Ukraine’s critical minerals are unknown with the figure hotly debated among experts as assessments are based on old Soviet-era figures. However, $350 billion worth of natural resources are located in the Russian-occupied territories, First Deputy Prime Minister and Economy Minister Yulia Svyrydenko said at the forum.