Before their heated exchange in front of the cameras, Donald Trump and Volodymyr Zelensky were supposed to discuss and then sign an agreement for the joint exploitation of Ukraine’s underground resources. The deal had been negotiated for several days, with some details already clarified.
“You're gambling with World War III and what you're doing is very disrespectful to this country (the United States) [...] We gave you through this stupid president (Joe Biden) 350 billion dollars. We gave you military equipment [...] You're either going to make a deal (with Russia) or we're out."
On Friday, February 28, Donald Trump and JD Vance’s attacks on Volodymyr Zelensky, filmed in the Oval Office by numerous media outlets, shocked the world.
Yet, everything had started off well. The Ukrainian president had arrived at the White House late in the morning to meet his American counterpart and discuss, before signing, a new agreement for the exploitation of Ukraine’s mineral resources by Kyiv and Washington. It was a "very fair" deal, according to Trump.
Then, tensions escalated to the point where the Ukrainian president cut the discussions short and left the White House.
Was this an outburst of genuine anger or a calculated pressure tactic? For now, it's impossible to determine why Donald Trump lashed out so violently at Volodymyr Zelensky. In the meantime, the agreement the American president was seeking has been put on hold.
The Origins of the Agreement
The origins of this deal, whose exact details remain unclear, date back to Tuesday, February 25. At that time, Trump had stated that, since the beginning of the Russian invasion three years ago, the United States had given Ukraine between $300 and $350 billion in aid (independent studies suggest a figure closer to $100–150 billion). The American president believed it was time for his country to "recoup" that money.
Ukraine is estimated to hold about 5% of the world's mineral resources, including graphite, titanium, and lithium—key materials in the production of batteries, weaponry, and various electronic devices. A significant portion of these rare earth elements remains unexploited. The rest (valued at approximately $350 billion, according to Ukraine’s Ministry of Economy) is located in territories now occupied by Russia.
To "recoup" the money given to Ukraine, the United States made an initial proposal that would have allowed them to recover the equivalent of $500 billion in Ukrainian minerals. This demand was rejected by Volodymyr Zelensky, though he left the door open for negotiations.
Ukrainian and American negotiators quickly agreed on a more balanced deal, which was officially presented on the morning of February 28, just hours before the infamous White House meeting.
The agreement proposed the creation of a US-Ukrainian investment fund. Ukraine would contribute 50% of the revenues from mineral exploitation, which would help "promote the safety, security, and prosperity" of the country.
At the same time, the US government would maintain "a long-term financial commitment to the development of a stable and economically prosperous Ukraine."
The Breaking Point
It is likely this last provision that, behind the scenes, led Zelensky to refuse the deal—triggering Trump's public outburst. This version of the agreement, which was supposed to be signed during their meeting, did not guarantee any American protection against Russia.
In the days leading up to his US visit, Volodymyr Zelensky had repeatedly stated that he would not sign any deal that failed to ensure his country’s security against Russian threats.
For his part, Donald Trump maintained that the US would not send any troops but argued that the presence of American workers on Ukrainian soil would, by default, guarantee the country's security. According to the American president, protecting Ukraine should now be Europe’s responsibility.
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