KYIV, Ukraine (AP) — A contentious U.S. proposal that would have seen $500 billion worth of profits from Ukrainian rare minerals given to the United States as compensation for its wartime assistance to Kyiv has been taken off the table, President Volodymyr Zelenskyy said on Sunday, a sign the two sides may be drawing closer to an agreement.

“As of today, as of this evening, the question of $500 billion is no longer there,” Zelenskyy said during a news conference at a forum of government officials in Kyiv marking the three-year anniversary of Russia’s full-scale invasion of Ukraine.

U.S. officials under President Donald Trump have pressured Zelenskyy to sign a deal allowing the U.S. access to Ukrainian rare earth minerals as a form of compensation for the assistance the U.S has provided Ukraine to defend itself against Russia’s invasion.

Zelenskyy had earlier declined a draft agreement with the U.S. on mineral exploitation because it did not contain security guarantees and came with a $500 billion price tag.

On Sunday, he said that considering aid to Ukraine as a debt to be repaid would be a “Pandora’s box” that would set a precedent requiring Kyiv to reimburse all its backers.

“We do not recognize the debt,” Zelenskyy said. “It will not be in the final format of the agreement.”

Trump’s special envoy to the Middle East, Steve Witkoff, said on CNN’s “State of the Union” Sunday that he expects a deal this week on allowing the U.S. to play a greater role in exploiting valuable Ukrainian minerals such as lithium and other substances used in the aerospace, defense and nuclear industries.

Treasury Secretary Scott Bessent told the Fox News Channel on Sunday that the administration’s minerals plan was to create a U.S.-Ukraine partnership, calling it a “win-win.”

“We make money if the Ukrainian people make money,” Bessent said.

Zelenskyy’s chief of staff, Andrii Yermak, left the Kyiv forum early along with Economic Minister Yuliia Svyrydenko for what Yermak said were talks with U.S. officials on a potential deal.

Later in the day, Yermak posted on social media that he’d spoken with U.S. officials including Bessent and Trump’s national security adviser Mike Walz, saying it had been a “constructive conversation.”

“We are making progress in our work,” Yermak wrote. “The USA is our partner and we are grateful to the American people.”

Zelenskyy says he’d give up presidency for NATO membership

In response to a pointed question from a reporter on whether he would give up his presidency for peace in Ukraine, Zelenskyy said he would do so if it achieved a durable end to the fighting under the security umbrella of the NATO military alliance.

“If to achieve peace, you really need me to give up my post, I’m ready,” he said. “I can trade it for NATO.”

His comment appeared to be aimed at recent suggestions by Trump and Russian President Vladimir Putin that elections should be held despite Ukrainian legislation prohibiting them during martial law.

Ukraine fears Trump’s policy shift toward Putin

Trump’s engagement with Russian officials and his recent agreement to reopen diplomatic ties and economic cooperation with Moscow has marked a dramatic about-face in U.S. policy that has rattled leaders in Ukraine and across Europe.

Zelenskyy has expressed fear that Trump pushing a quick resolution would result in Ukraine losing territory and being left vulnerable to future Russian aggression. U.S. officials have asserted that the Ukrainian leader would be involved if and when peace talks actually start.

Trump, however, prompted alarm and anger in Ukraine this week when he suggested that Kyiv had started the war, and that Zelenskyy was acting as a “dictator” by not holding elections.

Russia’s deputy foreign minister on Saturday said preparations were underway for a meeting between Trump and Putin, a further sign that the Russian leader’s isolation from the U.S. was beginning to thaw under Trump.

European leaders prepare for talks with Zelenskyy and Trump

Ursula von der Leyen, president of the European Commission, and other top European Union officials are set to arrive in Kyiv Monday for talks with Ukraine’s government. European leaders have scrambled in recent days to devise a response to the Trump administration’s U.S. policy changes, and to come up with a way to maintain support for Kyiv if aid from Washington comes to an end.

Zelenskyy on Sunday said he would propose a trip to a European capital in the next week or two to speak with EU leaders on security guarantees for his country.

The U.K. on Sunday said it would announce new sanctions against Russia on Monday, describing them as the biggest package since the early days of the war. Foreign Secretary David Lammy said the measures would be aimed at “eroding (Russia’s) military machine and reducing revenues fueling the fires of destruction in Ukraine.”

British Prime Minister Keir Starmer and French President Emmanuel Macron will make tag-team visits to Washington this week as Europe attempts to persuade Trump not to abandon Ukraine in pursuit of a peace deal.

Russia launches record drone strikes on eve of anniversary

Earlier on Sunday, Zelenskyy said Russia had launched 267 strike drones into Ukraine overnight, more than in any other single attack of the war.

Ukraine’s air force said 138 drones were shot down over 13 Ukrainian regions, with 119 more lost en route to their targets.

Three ballistic missiles also were fired, the air force said. One person was killed in the city of Kryvyi Rih, according to the city military administration.

Reacting to the latest Russian attacks, Andrii Sybiha‎, Ukraine’s Minister of Foreign Affairs, said they demonstrated that “avoiding calling Russia an aggressor does not change the fact that it is one.”

“No one should trust Putin’s words. Look at his actions instead,” Sybiha‎ said in a statement on social media.

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Associated Press writers Thomas Strong and Will Weissert in Washington contributed.

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Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine