White House negotiations over joint investment framework falter as Trump, Zelenskyy fail to resolve disputes on security and revenues.

With expectations high for a finalized agreement, U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy met at the White House on Feb. 28 to negotiate a landmark minerals-for-investment deal; however, talks stalled as discussions over resource revenues and security assurances left key details unresolved.

What began as an offhand remark about repaying U.S. aid quickly turned into formal negotiations over a minerals-for-aid deal, initially positioning Ukraine's natural resources as compensation for past U.S. military and financial support.

Introduced in mid-February following discussions between Presidents Trump and Zelenskyy, the framework soon shifted into a minerals-for-investment structure, which would establish a joint fund to finance Ukraine's post-war reconstruction while securing long-term U.S. access to critical minerals and metals.

While Kyiv pushed back on revenue division and the lack of security guarantees, negotiations continued as both sides worked to refine the balance between economic partnership and national security. Yet, as negotiations progressed, tensions over these unresolved issues resurfaced.

Earlier this week, details of a preliminary agreement between the U.S. and Ukraine were made public, revealing a framework that positioned Ukraine's mineral wealth as a key driver of its post-war recovery.

Instead of direct remuneration for past military and financial aid, the deal would structure any continued U.S. involvement as a joint investment fund supporting reconstruction efforts, post-war economic growth, and redevelopment. Under its stipulations, the agreement outlines several key provisions:

• Joint Reconstruction Investment Fund – The U.S. and Ukraine will establish a jointly managed fund to finance Ukraine's post-war recovery.

• Ukraine's Contribution – Ukraine will allocate 50% of future revenues from state-owned mineral resources, oil, and gas into the fund.

• U.S. Involvement – The U.S. will hold a stake in the fund but cannot sell or transfer its interest without Ukraine's approval.

• Investment Priorities – Fund revenues will be reinvested in infrastructure, energy, and resource development to attract private-sector investment.

• Security Guarantees – No explicit U.S. security guarantees are included, but the agreement states that the United States supports Ukraine's efforts to obtain them.

• U.S. Long-Term Commitment – Subject to U.S. law, the United States commits to financially supporting Ukraine's stability and prosperity.

• Sanctions and Compliance – The agreement ensures compliance with international sanctions and prevents Ukraine from using fund assets to settle obligations with other nations.

While the agreement would grant the U.S. a stake in the fund – securing long-term access to critical materials – concerns from Ukraine over the lack of security guarantees remained a point of contention.

With the broad structure in place, the Feb. 28 White House meeting was expected to serve as a finalization process, refining the details before official signatures. However, once discussions began, deeper disagreements emerged, and what was meant to be a concluding negotiation quickly unraveled.

Talks break down

As President Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy convened in the Oval Office, the stage was set for what had been positioned as the final step in formalizing the minerals-for-investment agreement.

While Ukraine's president appeared to approach the discussions as an opportunity to negotiate financial terms and press for stronger security assurances, U.S. leadership seemed to regard the deal as largely settled, expecting a straightforward endorsement rather than further negotiation.

As the conversation unfolded, these differing expectations quickly shaped the direction of the discussion.

Throughout the meeting, Zelenskyy pressed for stronger U.S. commitments on security, arguing that long-term investment in Ukraine's mineral sector required a stable geopolitical environment. Trump and Vance, however, maintained that the deal was structured as an economic partnership, not a military arrangement, emphasizing that financial support would be tied to resource development rather than defense commitments.

The discussion soon turned to Ukraine's economic position and its reliance on U.S. assistance, with Trump emphasizing the scale of U.S. financial and military aid already provided.

"We gave you ... $350 billion ... If you didn't have our military equipment, this war would have been over in two weeks," he said.

Zelenskyy pushed back, stressing that Ukraine had remained resilient and that investment in the country's resource sector was key to its recovery. However, Trump and Vance questioned whether Ukraine was willing to compromise on economic terms to secure further U.S. support.

"You don't have the cards. Your people are dying. You're running low on soldiers ... and then you tell us 'I don't want a ceasefire.' ... I want this. Look, if you could get a ceasefire right now, I tell you, you take it," Trump said.

With neither side willing to shift on these issues, the meeting concluded without a signed agreement, and Zelenskyy departed the White House shortly after. As a result, the planned joint press conference was canceled, leaving both the future of the deal and the scope of U.S. involvement in Ukraine's recovery uncertain.

You can watch the available video of the meeting, along with transcripts, here.