MUNICH, Germany, Feb 16, (AP): Ukrainian President Volodymyr Zelenskyy says he directed his ministers not to sign off on a proposed agreement to give the United States access to Ukraine’s rare earth minerals because the document was too focused on US interests. The proposal, which was at the center of Zelenskyy’s talks with US Vice President JD Vance on the sidelines of the Munich Security Conference on Friday, did not offer any specific security guarantees in return, according to one current and one former senior official familiar with the talks.

Zelenskyy’s decision to reject a deal, at least for now, was described as "short-sighted” by a senior White House official. "I didn’t let the ministers sign a relevant agreement because in my view it is not ready to protect us, our interest,” Zelenskyy told The Associated Press on Saturday in Munich. The proposal focused on how the US could use Kyiv’s rare earth minerals "as compensation” for support already given to Ukraine by the Biden administration and as payment for future aid, current and former senior Ukrainian officials said speaking anonymously so they could speak freely.

Ukraine has vast reserves of critical minerals which are used in aerospace, defense and nuclear industries. The Trump administration has indicated it is interested in accessing them to reduce dependence on China but Zelenskyy said any exploitation would need to be tied to security guarantees for Ukraine that would deter future Russian aggression. "For me is very important the connection between some kind of security guarantees and some kind of investment,” the Ukrainian president said.

Zelenskyy did not go into details about why he instructed his officials not to sign the document which was given to Ukrainian officials on Wednesday by US Treasury Secretary Scott Bassent on a visit to Kyiv. "It’s a colonial agreement and Zelenskyy cannot sign it,” the former senior official said. White House National Security Council spokesman Brian Hughes did not explicitly confirm the offer, but said in a statement that "President Zelenskyy is being short-sighted about the excellent opportunity the Trump Administration has presented to Ukraine.” The Trump administration has grown weary of sending additional US aid to Ukraine and Hughes said a minerals deal would allow American taxpayers to "recoup” money sent to Kyiv while growing Ukraine’s economy.