Waltz said this during the Conservative Political Action Conference, claiming that the deal will be signed in a “very short term”.

He also reiterated common criticism of European financial support for Ukraine, pointing out that European aid mostly comes in the form of loans—often repaid with interest from frozen Russian assets—whereas US assistance has been provided as direct funding.

The treasury secretary, Scott Bessent, presented Zelenskyy with the draft proposal last week. If signed, the US will benefit from approximately $500 billion worth of rare earth elements from Ukraine. US President Donald Trump’s intention with this deal is for US companies to access the resources as compensation for the tens of billions of dollars of aid given to Ukraine in the US’ previous administration.

Kyiv had dismissed the initial proposal for a natural resources deal due to insufficient security assurances. Zelensky is insisting that any ceasefire agreement brokered with Russia must include either NATO membership or the deployment of Western troops and mass advanced military equipment.

Meanwhile, earlier this week, Zelensky assured that he would not “sell” Ukraine in any deal with the US.

Waltz explained that if finalised, the partnership would allow the United States to tap into Ukraine’s reserves of essential minerals—aluminum, gallium, and titanium. These resources are vital for producing advanced technologies like semiconductors and play a significant role in military applications.

During Joe Biden’s term as president, the US was Ukraine’s most important financial, military and political backer since the start of Russia’s aggression three years ago.

Waltz’s statement comes amid a public dispute between Zelensky and Trump after the Ukrainian said Trump was in a “disinformation space”, and Trump retaliated by calling Zelensky a “dictator”.

Do you think this deal should be signed?