Ukrainian President Volodymyr Zelensky pushed back Wednesday against speculation over debt obligations tied to a newly finalized minerals partnership with the United States, stressing that the agreement contains no provisions requiring Kyiv to assume billions in liabilities.
“Despite media reports, the agreement does not include $500 billion in debt, nor $350 billion, nor $100 billion. Because that would be unfair,” Zelensky told reporters, according to the Interfax-Ukraine news agency.
The remarks aimed to quash rumors swirling in Ukrainian media about potential financial burdens linked to the deal, which centers on establishing a joint U.S.-Ukraine investment fund to channel revenues from Ukrainian mineral resources—such as rents, licenses, and dividends—into reconstruction and security projects. Zelensky emphasized that the fund’s framework, formally titled *The Agreement on Establishing the Rules and Conditions of the Investment Fund for the Reconstruction of Ukraine*, will require ratification by Ukraine’s parliament, the Verkhovna Rada, to proceed.
The clarification comes as Ukraine seeks to balance urgent reconstruction needs with fiscal responsibility. With its economy battered by nearly two years of war, Kyiv has prioritized non-debt financing tools to avoid exacerbating its already significant debt load. The minerals deal, negotiated over weeks of talks, instead hinges on leveraging Ukraine’s natural resources—including critical reserves of lithium, titanium, and rare earth metals—to attract foreign investment while aligning with U.S. strategic interests in diversifying global mineral supply chains away from rivals like China and Russia.
Zelensky also revealed he is considering an invitation to visit Washington, though specifics of the trip remain unresolved. A potential meeting with U.S. leaders would likely focus on reinforcing bilateral ties and securing additional support as Ukraine braces for a grueling winter amid stalled battlefield progress and uncertain Western aid commitments.
Analysts suggest the minerals deal reflects a calculated gamble by Kyiv. By monetizing its resource wealth without incurring debt, Ukraine aims to fund reconstruction on its own terms while signaling to investors that it remains a viable, sovereign partner. However, challenges loom, including ensuring transparent management of the fund and addressing concerns from environmental groups about sustainable extraction practices.
For the U.S., the partnership offers a dual payoff: access to minerals vital for clean energy and defense technologies, and a strategic foothold in Eastern Europe to counter Russian influence. The exclusion of debt terms also aligns with Washington’s broader approach to Ukraine’s recovery—prioritizing grants and investment over loans to avoid destabilizing the country’s fragile finances.
As the deal heads to Ukraine’s parliament for approval, the focus shifts to implementation. Zelensky’s denial of debt provisions underscores his government’s bid to project stability and accountability—a critical message as Kyiv navigates both reconstruction and the geopolitical tightrope of wartime alliances.
