Ukraine and America are on the “one-yard line” of a minerals-for-security deal despite President Zelensky’s furious unleashing last week on Treasury Secretary Bessent about the size of the purported arrangement. 

“It looks like we’re getting very close. The deal is being worked on and we’re I think getting very close to getting to an agreement where we get our money back over a period of time,” President Trump said Monday during a White House press briefing with President Macron.

The terms of the deal have not yet been disclosed, but during a trip by Mr. Bessent to Kyiv last week, Mr. Zelensky could be heard shouting about a proposed 50 percent stake in the country’s resources up to $500 billion, according to a source present.

“He was very angry,” a person present said of the Ukrainian president.  

Afterward, Messrs. Zelensky and Bessent held an awkward press appearance where a shaken Mr. Bessent stood quietly while Mr. Zelensky announced he would discuss the deal with Vice President Vance during the Munich Security Conference. 

Mr. Zelensky’s ire was drawn over a deal that not only would have given America a $500 billion stake but would have also a 50 percent stake in “all new licenses issued to third parties” as well as a right of first refusal for the purchase of all future licenses for exportable minerals, according to a draft copy seen by the Telegraph. Any disputes to the deal would have been subject to New York law. The initial draft reportedly also lacked clear and distinct security commitments by America for Ukraine.

Mr. Zelensky originally came up with the idea of an American security guarantee in exchange for oil, gas, and other natural resources last September when he visited Mr. Trump at New York. 

The deal gained further traction after Mr. Trump started talking publicly last week about a peace deal that would have seen several Ukrainian concessions. The suggestion sparked a terse trans-Atlantic exchange that included Mr. Trump calling Mr. Zelensky “a dictator without elections.” Mr. Zelensky responded by saying Mr. Trump was living in “a disinformation bubble” created by Russia. 

Nonetheless, on Monday, Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration, Olha Stefanishyna, said Ukraine and American officials have nearly completed final details of the exchange. 

“We are committed to completing this swiftly to proceed with its signature. We hope both US and (Ukrainian) leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come,” she said.

In an editorial published in the Financial Times Monday, Mr. Bessent said the arrangement will have long-lasting benefits for both sides. 

“This partnership will support the U.S.’s continued commitment to the people of Ukraine as well as lay the foundation for a robust reconstruction of the Ukrainian economy. While asset prices can be fickle, Ukrainian debt has been trading up on the news, signalling that Ukraine’s creditors and financial markets appreciate the benefits of the economic partnership,” he wrote.   

Addressing foreign dignitaries at Kyiv Monday to mark the third anniversary of the war, Mr. Zelensky did not offer final numbers, but said, “The question of $500 billion is no longer there.” 

Back at the White House, Mr. Trump also did not offer a number, but said America had been $350 billion deep in investment in Ukraine during the three-year war.

“How we got there I don’t know but that’s a lot of money, a lot of money invested and we had nothing to show for it, and it was the Biden administration’s fault,” the president said.

As the financial deal unfolds, a peace agreement may also be on the horizon as long as security guarantees from America ensure Russia cannot violate the terms as it has done dozens of times since 2014. 

“Peace can only be the result of well-considered diplomacy and absolutely clear security guarantees,” Mr. Zelensky said, before appealing to Mr. Trump for assistance. 

“President Trump, we would really like to hear from you because all our people, all our families are very worried – will there be support from America? Will America be the leader of the free world? And I want to be very honest, very honest with you… For our people, for life in general, it is so important that American support, American assistance remains,” he said during a G7 virtual summit.

On Monday, te European Commission president, Ursula von der Leyen, announced an additional $3.5 billion military aid package will be sent to the war-torn nation next week and pledged assistance in building up Ukraine’s energy market as well as scaling up its arms production and defense capabilities.

Several officials from the Slavic nations, however, have expressed hesitation at a potential peace deal as well as concern over the American president’s deal-making style.

“I understand that many people think that a peaceful solution or a ceasefire sounds like a good idea, but we run the risk that peace in Ukraine is actually (could be) more dangerous than the war that is going on now,” Prime Minister Frederiksen said.

President Stubb of Finland also expressed unease with the way Mr. Trump has pushed a peace plan, but said, “We cannot complain our way to the negotiating table. … We have to wake up to a new reality.”