President Donald Trump announced on Tuesday that he expects Ukrainian President Volodymyr Zelenskyy to visit Washington this Friday, signaling his willingness to sign a landmark agreement on critical minerals.
The deal, which would see Ukraine share a portion of its vast rare earth and other mineral revenues with the United States, is touted by Trump as potentially a “trillion-dollar deal.”
“I hear that he’s coming in Friday, certainly it’s okay with me, if he’d like to, and he would like to sign it together with me. And I understand that’s a big deal, very big deal,” Trump said from the Oval Office. He added that the minerals at issue include rare earths and other resources critical to electric vehicles, military hardware, the power grid, and consumer goods.
The agreement remains in negotiations, with major sticking points including the extent of security guarantees for Ukraine and whether mineral rights should be exchanged solely for future U.S. military aid or also cover previous support provided by the Biden administration. Despite the progress, Ukraine has yet to sign the deal as talks continue.
Trump also lambasted his predecessor, stating that “Joe Biden was throwing money around like it’s cotton candy,” and insisted that the U.S. must secure its investments and recover funds spent aiding Ukraine. “We want to be secured. We want to get that money back. The American taxpayer now is going to get their money back plus,” he asserted.
Ukrainian reserves of critical minerals could be worth trillions, with Ukraine holding about 5% of the world’s total mineral resources, according to a 2024 World Economic Forum report. The country is known for its large deposits of lithium, semiconductor-grade neon gas, beryllium, uranium, zirconium, apatite, iron ore, and manganese.
U.S. National Security Adviser Mike Waltz emphasized that any economic investment in Ukraine’s mineral resources would be defended, calling such investments “one of the best security guarantees that Ukraine could hope for.”
In an unexpected twist, Trump also expressed interest in potentially purchasing minerals from Russian territory, noting that Russia “has very good rare earth also” and suggesting that trade deals with Russia could be mutually beneficial. However, he denied any plans to lift sanctions on Russia, even as discussions continue on ending the Kremlin’s war on Ukraine.
The anticipated meeting between Trump and Zelenskyy at the White House is seen as a critical step in finalizing the deal, which could reshape economic and security ties in the region while significantly impacting the global minerals market.
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Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
German voters cast ballots on Sunday in two state elections that could add to the political pressure on Chancellor Friedrich Merz, as his government faces growing public frustration and a resurgent far right.
Iraq has returned restricted airspace across the western part of the country to civilian authorities, ending limits imposed for military operations against Islamic State since 2016, the Transport Ministry said.
Denmark and Greenland have moved to reassure the public that their sovereignty will remain intact under a new security agreement with the United States.
World leaders are set to gather at the United Nations General Assembly in New York for several days of high-level debate, with Iran, Ukraine, artificial intelligence (AI) and a range of global crises expected to dominate discussions this week.
Ed Sheeran has broken his silence on the controversy surrounding his U.S. tour, apologising for decisions made after rapper Macklemore was removed from the line-up over his public support for Palestine.
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