Volodymyr Zelensky demonstrated his resolve last week as he made it clear that he would not be pushed into accepting an unfavorable peace agreement with Russia. During a confrontation, a senior member of the Trump administration was reportedly left shaken by Zelensky’s firm stance.

Earlier this month, Trump dispatched his newly minted Treasury Secretary Scott Bessent to Kyiv to present the Ukrainian leader with a deal.

Bessent proposed an exchange – some of Ukraine’s vast mineral wealth for long-term security guarantees against future Russian attacks. 

But upon reviewing the contract in detail, Zelensky and his aides discovered that there were no such security guarantees included in the deal.

Rather than a fair deal between allies, the proposed contract seemed to demand exorbitant concessions from Ukraine. The terms were likened to the harsh conditions imposed on Germany after World War I, with Ukraine being pressured to give up vast amounts of valuable resources in exchange for aid from the Biden administration.

Ukrainian legislators recounted the intense moment when Zelensky passionately rejected the notion of compromising his country’s interests for the sake of Washington. His outburst echoed through the halls of the presidential palace in Kyiv, signaling his unwavering commitment to protecting Ukraine’s sovereignty.

‘He was very angry,’ a person present told the Financial Times, explaining how the gilded doors of Zelensky’s presidential office did nothing to stop those outside from hearing every word of the verbal beatdown. 

Bessent was visibly shaken, his voice trembling as he delivered a stumbling statement to reporters moments after enduring the wrath of the Ukrainian President. 

Prior to his presidential telling-off, Bessent had said that an agreement to an ‘economic commitment’ with the US would grant Ukraine a ‘long-term security shield’ provided by Washington.

The idea was first floated by Zelensky himself as part of his ‘Victory Plan’ unveiled before Western allies and Ukraine’s parliament in October.

At that time, the Ukrainian President said Ukraine could sign an agreement with the US, EU and other unnamed allies that would allow for joint investments and use of Ukraine’s natural resources. 

But according to a private draft of Bessent’s proposal seen by The Telegraph, the contract offered earlier this month would have seen the US take 50% of revenues received by Ukraine from the extraction of natural resources.

It would have also granted the US 50% of the financial value of ‘all new licenses issued to third parties’ for the future monetisation of these resources. 

Such a deal would’ve been extremely difficult for Kyiv to stomach even if it had come with concrete and detailed promises of long-term security guarantees to be provided by Washington.

But it appears Trump expected to receive ‘$500 billion’ worth of Ukrainian natural resources as repayment for military, financial and humanitarian aid provided to Kyiv since the start of Russia’s full-scale invasion.

This figure appears to have been plucked from the ether, as the US’ own congressional reporting service shows the sum total of US aid for Ukraine thus far totals $174.2 billion. 

Zelensky later claimed that only around $75 billion of this was military aid. 

Since the Ukrainian President refused to sign the highly unfavourable deal, his relationship with Trump has taken a nosedive. 

Last week, Trump labelled his Ukrainian counterpart ‘a dictator without elections’ as part of a shocking rant posted on his Truth Social platform.

That accusation came just hours after Zelensky said the leader of the free world had fallen prey to a Russian disinformation campaign when Trump erroneously declared his Ukrainian counterpart was ‘down at four per cent approval rating’.

‘Think of it, a modestly successful comedian, Volodymyr Zelenskyy, talked the United States of America into spending $350 Billion Dollars, to go into a War that couldn’t be won, that never had to start, but a War that he, without the US and ‘TRUMP,’ will never be able to settle,’ Trump wrote.

‘I love Ukraine, but Zelenskyy has done a terrible job, his Country is shattered, and MILLIONS have unnecessarily died – And so it continues…’ he posted, going onto make a series of claims that have since been proven completely untrue. 

However, it appears the rocky start to Kyiv’s relationship with the Trump administration is being smoothed over.

This morning, Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine, Olha Stefanishyna, claimed her country was on the cusp of signing a new minerals-for-security agreement with Washington.

‘Ukrainian and US teams are in the final stages of negotiations regarding the minerals agreement. The negotiations have been very constructive, with nearly all key details finalized,’ she said. 

‘We are committed to completing this swiftly to proceed with its signature. We hope both US and UA leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come.’

She gave no further details, but it is expected any minerals-for-security deal that Zelensky is willing to sign must contain significant guarantees of protection from future Russian aggression. 

Addressing officials in Kyiv on the third anniversary of Russia’s full-scale invasion this morning, Zelensky confirmed the initial version of the deal has been scrapped.

‘The question of $500 billion is no longer there,’ he said. 

He went on to emphasise that treating aid as a debt could set a dangerous precedent, potentially obligating Ukraine to repay all its allies. 

‘We do not recognise the debt,’ Zelensky affirmed. ‘It will not be in the final format of the agreement.

‘I know that we received £100 million. It’s a fact. I will not recognise $500 billion debt to the US.’

The Ukrainian President also confirmed he would be willing to resign his post if it meant that his country could earn accession to NATO.

‘I am focused on security in Ukraine here and today – not staying in power for decades,’ he declared.

Ukrainian lawmakers have long voiced a desire to enter the transatlantic security bloc as the solution to preventing future attacks from Russia. 

But the Trump administration has made it clear that Kyiv should not expect to join NATO and must instead negotiate separate security guarantees, primarily with European partners.