"There can be no economic deal without a peace deal. The prerequisite for an economic deal is that the Ukrainian leadership must want peace," US Treasury Secretary Scott Bessent stressed in an interview with CBS.
When asked whether a deal was still on the table, Mr. Bessent replied briefly: "Not at the moment".
On February 28, Ukrainian President Volodymyr Zelensky visited the White House to meet US President Donald Trump in the hope of reaching an important mineral deal.
However, the meeting quickly turned into a heated debate. Trump has criticized Zelensky for "lacking respect" for the US, while Vice President J.D. Vance has complained that Kiev has never thanked Washington for its support.
The press conference was scheduled to be canceled after the meeting. Trump later posted on Truth Social, accusing Zelensky of being "insensitive" and "not ready for peace."
The mineral deal was scheduled to be signed during the visit, but the White House canceled the signing ceremony at the last minute, Reuters reported.
A day after the tense meeting, President Zelensky posted on X, affirming his readiness to sign a mineral deal, and calling on the US to continue supporting Ukraine in the midst of the conflict with Russia.
Mr Zelensky expressed his gratitude to President Trump and the US Congress for their support for Ukraine during the three years of the conflict, but also stressed: "Shooting without security is a danger to Ukraine. The Ukrainian people need to know that the US is on our side."
The controversy between Trump, Zelensky and Vance in the Oval Office escalated when the US president warned his Ukrainian counterpart: "Don't tell us how we feel. He is betting on World War III". President Trump also flatly declared: "Either you reach a deal, or we withdraw."
Trump wants a mineral deal as a way to repay the US military aid provided to Ukraine. The draft initially proposed the establishment of a reconstruction investment fund, in which half of the revenue from Ukrainian state resource projects would be put into the fund. However, Mr Zelensky wants more security guarantees for Ukraine, something Mr Trump said he would "regard later".
Ukraine has the largest reserves of graphite, lithium, titanium and uranium in Europe, which are essential raw materials for the production of batteries, defense weapons, and nuclear fuel. Cooperating with Ukraine will help reduce the US's dependence on the mineral supply chain from China.
However, with tensions rising between the two sides, the mineral deal appears to have broken down.
