The much anticipated “rare earths” deal between Ukraine and the US has fallen through after a heated negotiation between the leaders of the two countries. 

Ukrainian president Volodymyr Zelensky travelled to Washington on Friday to meet his US counterpart, Donald Trump, and negotiate the deal. Zelensky, who was interrupted repeatedly by Trump and his vice-president JD Vance in a broadcasted meeting, left the White House without reaching an agreement.

A press conference scheduled for the signing of the deal was cancelled after the heated encounter. It transpired Trump wanted to sign a critical mineral agreement without providing any security guarantees to Ukraine other than “US workers” that would be “digging, digging, digging.” For Zelensky, the minerals deal would need to be tied to US military support, not just its intermediation for a ceasefire in the war with Russia.

Earlier this month, Trump stated that Ukraine should provide the US with “the equivalent of like $500 billion worth of rare earths” as repayment for military support during the war with Russia. Zelensky reportedly rejected the first draft of a deal, saying it was too focused on US interests, Kallanish notes.

On Friday, Trump said that the Ukrainian was “gambling with World War III” and that he should come back to the US “when he is ready for peace.” World leaders have praised Zelensky and expressed their support for Ukraine.

Ursula von der Leyen, the president of the European Commission, posted on social media: “Your dignity honours the bravery of the Ukrainian people… We will continue working with you for a just and lasting peace.”

Justin Trudeau, prime minister of Canada – which is facing 25% tariffs on exports to the US – said: “Russia illegally and unjustifiably invaded Ukraine… Canada will continue to stand with Ukraine and Ukrainians in achieving a just and lasting peace.”

Russian president Vladimir Putin has also said he is open to partnering with the US to exploit rare earth minerals in both Russia and areas of Ukraine occupied by its military. 

Talking about his position in the negotiations around the war, Trump said on Friday: “I am in the middle, I am for both Ukraine and Russia.”

The Ukrainian government has yet to quantify its rare earth resources, which are deemed the largest in Europe, although half of the resources are estimated to be in areas occupied by Russia. It is unclear how much can be extracted, which is why experts believe it is unlikely that they could be exploited anytime soon.