Ukraine is pushing back against US demands for a $500 billion fund tied to the country’s mineral wealth, with officials arguing the actual value of American aid stands at roughly $90 billion, according to sources familiar with the negotiations.
The disagreement intensifies as President Donald Trump increases pressure on Ukraine to accept the deal, which would give Washington economic rights to revenues from natural resources and infrastructure projects.
“We’re going to get our money back,” Trump told a Conservative Political Action Conference. “We’re asking for rare earth and oil — anything we can get.”
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Treasury Secretary Scott Bessent defended the proposal in the Financial Times, stressing the US would not take ownership of physical assets but rather secure governance rights in a reconstruction fund. “Let’s also be clear as to what this is not… Nor would it be saddling Ukraine with more debt,” Bessent wrote.
The negotiations have grown tenser amid escalating friction between Trump and Ukrainian President Volodymyr Zelensky. Trump recently called the democratically-elected Zelensky a “dictator” with 4% approval, prompting the Ukrainian leader, who polls at 57%, to accuse Trump of falling for Russian “disinformation.”
Ukrainian officials met with US special envoy Keith Kellogg in Kyiv this week after rejecting an initial proposal that sought 50% of proceeds from minerals, oil, gas, and ports — terms critics compared to colonial-era agreements.
While that specific demand has been dropped, Ukraine remains concerned about securing future military and financial aid commitments, according to a Ukrainian official who asked not to be named discussing private talks.
The pressure comes as Zelensky seeks a meeting with Trump before any potential US-Russia talks, amid growing worries Ukraine could be excluded from peace negotiations.
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