Ukraine’s President Volodymyr Zelensky met US President Trump in Washington on Friday to sign an agreement that would give the US access to its deposits of rare earth minerals.

But after Zelensky left early following a fiery exchange with Trump and Vice-President JD Vance, the White House announced that the deal had not been signed.

Zelensky previously said he hoped the “preliminary” agreement with the US would “lead to further deals”, but confirmed no US security guarantees had yet been agreed – something he had been pushing for.

Trump had said a deal would help US taxpayers “get their money back” for aid sent to Ukraine throughout the war, but said the responsibility of Kyiv’s security should fall to Europe.

On Wednesday, Ukrainian Prime Minister Denys Shmyhal said Ukraine and the US had finalised a version of the agreement. It was published on Friday morning.

The preliminary agreement envisages that an “investment fund” will be set up for Ukraine’s reconstruction.

Shmyhal said Kyiv and Washington would manage the fund on “equal terms”.

According to the deal, Ukraine will contribute 50% of future proceeds from state-owned mineral resources, oil and gas to the fund, and the fund will then invest “to promote the safety, security and prosperity of Ukraine”.

Meanwhile, the agreement says the US government will, subject to US law, “maintain a long-term financial commitment to the development of a stable and economically prosperous Ukraine”.

Zelensky acknowledged the fund, but told the BBC on Wednesday it was “too early to talk about money”.

The agreement states that the US will own the maximum amount of the fund allowed under US law.

Disagreement over the terms of a minerals deal formed part of what appears to be a deepening rift between Trump and Zelensky.

The Ukrainian president rejected an initial request from the US for $500bn (£395bn) in mineral wealth, but media reports say this demand has now been dropped.

“The US administration started with a deal that challenged Ukraine’s sovereignty, then pushed an exploitative one that would bankrupt the country,” Tymofiy Mylovanov, a former minister and head of Kyiv school of economics, told the BBC.

“Now, they’ve shifted to a reasonable deal with co-ownership and no direct claims on past aid. That could actually benefit Ukraine.”

On Tuesday, Trump said the US had given Ukraine between $300bn (£237bn) and $350bn (£276bn) in aid, and that he wanted to “get that money back” through a deal.

But German think tank the Kiel Institute estimates the US has sent $119bn in aid to Ukraine.

Zelensky has been pushing for a deal to include a firm security guarantee from the US.

But on Wednesday, he said no such guarantee had been made.

“I wanted to have a sentence on security guarantees for Ukraine, and it’s important that it’s there,” the Ukrainian leader explained.

Asked by the BBC if he would be prepared to walk away from the agreement if Trump did not offer the guarantees he wanted, Zelensky said: “I want to find a Nato path or something similar.

“If we don’t get security guarantees, we won’t have a ceasefire, nothing will work, nothing.”

Despite this, the published agreement says the US supports “Ukraine’s efforts to obtain security guarantees to build lasting peace”.

He said Ukraine would not sign the deal until Zelensky and Trump “agree on security guarantees” and decide on how to “tie this preliminary agreement” to a US security guarantee.

Trump said on Wednesday that the US would not provide security guarantees “beyond… very much”, adding that responsibility for this would now fall to Europe.

But he added that the presence of US workers on Ukrainian soil would provide “automatic security”.

The prospect of a minerals deal was first proposed by Zelensky last year as a way to offer the US a tangible reason to continue supporting Ukraine.

Trump said on Tuesday that Ukraine would get “the right to fight on” in return for access to its minerals and suggested the US would continue to supply equipment and ammunition “until we have a deal with Russia”.

The US president has also said Russia is open to accepting European peacekeepers in Ukraine, but Russia’s Foreign Minister Sergei Lavrov said the Kremlin would not consider this as an option.

Trump had said the two would sign the deal at Friday’s meeting at the White House.

Ukrainian PM Shmyhal said the US and Ukraine had prepared a final version of the agreement, though Zelensky aide Mykhaylo Podolyak said that only a framework agreement was due to be signed.

But nothing at all was signed during the visit, which instead saw Trump and Zelensky descend into a heated exchange in the Oval Office.

At one point, a furious Trump said Zelensky was not grateful enough for the US’s support during the war, and that he was “gambling with World War Three”.

He said Zelensky had to “make a deal or we’re out”, adding: “You don’t have the cards.”

Zelensky said there should be “no compromises” with Russian President Vladimir Putin.

Not long after – and well ahead of schedule – the Ukrainian president was seen leaving the White House.

The White House then announced that the deal had not been agreed – and said Trump had decided to call off the signing ceremony himself.

The US president wrote on his Truth Social platform that Zelensky had “disrespected the US in its cherished Oval Office”. He added: “He can come back when he is ready for peace.”

It is now unclear when the deal might be signed, if at all.

Kyiv estimates that about 5% of the world’s “critical raw materials” are in Ukraine.

This includes some 19 million tonnes of proven reserves of graphite, which the Ukrainian Geological Survey state agency says makes the nation “one of the top five leading countries” for the supply of the mineral. Graphite is used to make batteries for electric vehicles.

Ukraine also has significant deposits of titanium and lithium. It says it has substantial amounts of the world’s rare earth metals – a group of 17 elements that are used to produce weapons, wind turbines, electronics and other products vital in the modern world – but these claims are disputed.

Also, some of the country’s mineral deposits have been seized by Russia. According to Yulia Svyrydenko, Ukraine’s economy minister, resources worth $350bn (£277bn) remain in occupied territories today.

There are warnings too that a deal allowing the US access to Ukraine’s vast mineral wealth cannot happen unless the country addresses its problem with unexploded mines.

A quarter of Ukraine’s landmass is estimated to be contaminated with landmines, mainly concentrated in the war-torn east of the country.

Another issue is that it will be some time before anyone sees any material benefits from the deal.

“These resources aren’t in a port or warehouse; they must be developed,” says Mylovanov. “In that sense if the US invests, it will benefit everyone.”

Vladimir Putin has not yet addressed reports that the terms of a deal between the US and Ukraine have been agreed.

But on Monday evening he told state TV he was ready to “offer” resources to American partners in joint projects, including mining in Russia’s “new territories” – a reference to parts of eastern Ukraine that Russia has occupied since launching a full-scale invasion three years ago.

Putin said a potential US-Ukraine deal on rare minerals was not a concern and that Russia “undoubtedly have, I want to emphasise, significantly more resources of this kind than Ukraine”.

“As for the new territories, it’s the same. We are ready to attract foreign partners to the so-called new, to our historical territories, which have returned to the Russian Federation,” he added.

Commenting on Zelensky’s visit to Washington, Kremlin spokesman Dmitry Peskov said on Tuesday: “Whether it will be [to sign] the aforementioned agreement or something else, we’ll see. There have been no official statements on this matter yet.”