Ukrainian President Volodymyr Zelenskyy's administration is reportedly in the process of negotiating a revised agreement with the United States over the sharing of revenue from Ukraine's key resources. According to a Ukrainian official, the initial proposal from the U.S side suggested that Ukraine should give up 50% of the revenue generated from its crucial resources such as minerals, oil, gas and ports.
However, Zelenskyy resisted the initial proposal, resulting in an escalation of criticism from President Trump, who even questioned Zelenskyy's legitimacy as Ukraine's leader. Zelenskyy stood firm, expressing gratitude for U.S. support but also indicating his belief that Trump was operating under false information.
In a press conference, Zelenskyy asserted, "I can't sell the country off. I'm just a manager. Tomorrow, the country will have another manager, so I can't sell it." He also pointed out that approximately 20% of the resources in question are located in territories currently occupied by Russia.
The controversial proposal came into focus during a meeting between Zelenskyy and the U.S. Treasury Secretary Scott Bessent in Kyiv on February 12. Zelenskyy and his team received the document just hours before the meeting and were asked to sign it during the meeting, but Zelenskyy refused.
Following a further meeting with Trump's Special Envoy to Ukraine, Russian Gen. Keith Kellogg, Zelenskyy's team is now working on an updated agreement. There was a brief threat to cancel a subsequent meeting with Vice President JD Vance and Secretary of State Marco Rubio in Munich, Germany, but the meeting eventually proceeded.
The Trump administration has defended the proposal, with Trump's National Security Advisor Michael Waltz stating that there could be "nothing better, for Ukraine's future and for their security than to have the United States invested in their prosperity long term."
The details of the changes proposed by the Ukrainian side during their discussions with Kellogg have not yet been made public.