Ukrainian President Volodymyr Zelenskyy rejected U.S. demands to sign a $500 billion minerals agreement as compensation for American military aid, saying he would not commit future generations of Ukrainians to long-term financial obligations. Speaking at a press conference in Kyiv ahead of the third anniversary of Russia's full-scale invasion, Zelenskyy insisted the assistance provided by the U.S. was a grant, not a debt requiring repayment.
"I'm not signing something that 10 generations of Ukrainians are going to pay later," Zelenskyy said, pushing back against the Trump administration's insistence that Ukraine offer critical minerals in exchange for past and future aid. He argued that the total sum cited by Washington was far higher than the actual military assistance provided, which he estimated at $100 billion.
Zelenskyy's remarks come as U.S. and Russian negotiators prepare for a second round of discussions aimed at ending the war, following an initial meeting in Riyadh. The Biden administration had previously conditioned U.S. aid on security assurances for Ukraine, but Trump's team has made clear that future support would be transactional. The White House has suggested a ceasefire could be reached as early as this week, a claim Zelenskyy dismissed as unrealistic without Ukrainian involvement.
The financial terms proposed by the Trump administration would require Kyiv to repay $2 for every $1 of military aid it receives going forward, an arrangement Zelenskyy described as "an interest rate of 100%." He noted that similar conditions had not been imposed on Israel, the UAE, Qatar, or Saudi Arabia, adding that he had requested an explanation but received no response.
Trump has publicly insisted that Ukraine should compensate the U.S. for its assistance. "We're asking for rare earth and oil-anything we can get," Trump said in a recent statement. "We're going to get our money back because it's not fair."
Zelenskyy said he remained open to negotiating a resource trade deal with the U.S. but insisted it must come with concrete security guarantees. The United States has assured us that their investment would "guarantee security because the Russians will not go near where the minerals are if they are U.S. business," he said. "But if [Putin] wants to, nothing will stop him from repeated aggression."
He called for a formal agreement ensuring U.S. protection of its economic interests within Ukrainian territory, arguing that security must be preserved beyond the current administration. "This is not out of respect or disrespect for President Trump-but he is not going to be here forever. And we need peace for many, many years," he said.
Zelenskyy also directly addressed Trump's recent remarks calling him a "dictator" for not holding elections during wartime, saying he was unbothered by the characterization. "Why should I be offended? A dictator would be offended by being called a dictator," he said, pointing out that he won 73% of the vote in Ukraine's last election in 2019.
The press conference followed Russia's largest-ever aerial attack on Ukraine, with 267 drones and multiple ballistic missiles launched across the country, killing at least four people. Kyiv's air defenses were engaged throughout the night as authorities worked to neutralize the assault. Zelenskyy argued that holding elections under these conditions would be impossible, dismissing Russian claims that he is illegitimate as a disinformation tactic.
Trump's team has indicated that its broader strategic objective is to normalize economic relations with Moscow, a move that has alarmed European allies. Steve Witkoff, one of Trump's special envoys, said in an interview with CBS News that a peace deal with Russia would allow American businesses to re-enter the Russian market. "Obviously there would be an expectation that if we get to a peace deal, that you would be able to have American companies come back and do business there," he said.
European leaders, including British Prime Minister Keir Starmer and French President Emmanuel Macron, have sought to play a larger role in shaping a post-war settlement. Zelenskyy welcomed their involvement and indicated that a European summit would likely follow their meetings with Trump. "Of course the U.K. has to be at the table," he said.
Zelenskyy acknowledged that Ukraine's armed forces would lose about 20% of their international military support if Trump cut off U.S. aid but said he was still waiting on deliveries from previous commitments. He emphasized the urgent need for additional Patriot missile systems to counter Russian attacks, estimating that Ukraine required 20 more batteries at a cost of $30 billion.
