President Trump has expressed interest in acquiring $500bn worth of rare earth minerals from Ukraine. Credit: Joaquin Corbalan P/Shutterstock.

Ukraine has submitted a draft minerals agreement to the US for review, according to sources from the Ukrainian delegation at the Munich Security Conference.

The draft agreement is central to Kyiv’s efforts to secure the support of US President Donald Trump in its bid to end the ongoing conflict with Russia, reported Reuters, citing sources.

US officials have requested until 5pm (1600 GMT) to evaluate the agreement.

“The Ukrainian side passed its vision, and the US side took a pause until 1700 to assess,” a source stated.

A meeting between Ukraine’s President Volodymyr Zelenskiy and US Vice-President JD Vance, initially scheduled for Friday morning, was postponed until 5pm at the US’ request.

Kyiv is prepared to open its extensive mineral resources to US investment, seeking US security guarantees as part of a potential peace agreement with Russia.

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US Treasury Secretary Scott Bessent visited Kyiv on Wednesday, where Ukraine was presented with a draft accord from the US.

Zelenskiy mentioned that Kyiv would review the draft with the intent of reaching an agreement in Munich.

The contents of the deal remain unclear, particularly regarding any security provisions for Ukraine.

President Trump has not confirmed whether he will continue military assistance to Ukraine but has expressed interest in acquiring $500bn worth of rare earth minerals from Kyiv.

Trump emphasised that Washington’s support needs to be “secured”, the report said.

In a recent Reuters interview, Zelenskiy outlined the framework of a potential deal with the US, highlighting numerous mineral deposits and proposing a mutually beneficial partnership for their development.

Zelenskiy’s initiative aligns with Ukraine’s broader strategy to attract allies through investment in its critical mineral reserves.