Ukraine Pushes Back Against U.S. Rare Earth Fund Proposal for War Aid Repayment

Ukraine is resisting U.S. demands for a proposed $500 billion fund as part of a deal to grant Washington a share of the country’s mineral wealth in exchange for military aid, Bloomberg News reported.

Under the draft agreement, the U.S. would secure 50% of license sales and other proceeds from Ukraine’s minerals, oil, gas, and port infrastructure.

A Ukrainian official familiar with the negotiations stated that the actual amount Ukraine owes is closer to $90 billion—roughly one-fifth of the proposed figure. Negotiators require more time to finalize the agreement, as Ukrainian President Volodymyr Zelenskiy is not yet prepared to approve the U.S. proposal, sources said.

Under the draft agreement, the U.S. would secure 50% of license sales and other proceeds from Ukraine’s minerals, oil, gas, and port infrastructure.

Critics have compared the arrangement to colonial-era resource extraction. President Donald Trump has intensified pressure on Zelenskiy to accept the deal, even as tensions between the two leaders rise.

There is growing concern that Ukraine may be sidelined from eventual peace negotiations with Russia.

U.S. Treasury Secretary Scott Bessent defended the proposal in an op-ed for the Financial Times, arguing that the revenue-sharing fund would focus on long-term reconstruction and development, with the U.S. maintaining both economic and governance rights.

“Let’s also be clear on what this is not,” Bessent wrote. “The U.S. would not be taking ownership of physical assets in Ukraine, nor would it be saddling Ukraine with more debt.”