The US is pushing for a broad new agreement on the control of Ukraine’s rare minerals and energy assets, without offering Kyiv any security guarantees in return, while aggressively expanding its previous demands, according to the Financial Times.
A new draft agreement, sent to Kyiv on 23 March and reviewed by the journalists, goes beyond the initial joint economic deal reached last month as part of US President Donald Trump’s efforts to end Russia’s war and recoup billions in military aid.
Senior Ukrainian officials have warned that the proposal could undermine their country’s sovereignty, direct profits abroad, and deepen its dependence on Washington.
The document marks a sharp escalation in the Trump administration’s efforts to secure control over Ukraine’s lucrative natural resources as it pushes for an end to the war. It would cover all mineral resources, including oil and gas, across Ukraine’s entire territory.
Washington is demanding that Ukraine and the US establish a supervisory board to oversee a joint investment fund, which would distribute revenues from oil, gas, and mineral projects between the two nations.
The US would appoint three of the board’s five members, giving Washington full veto power over the fund. On 26 March, US Treasury Secretary Scott Bessent said that the agreement could be signed as early as next week.
However, three senior Ukrainian officials said that this was unlikely. One called the new US proposal “unfair,” while another likened it to “a robbery.”
A third official said a team of legal advisors had been brought in to help the government review the document and prepare a counterproposal.
The Ukrainians are expressing frustration over Trump’s increasing pressure to compromise in exchange for a ceasefire and lasting peace, even as the Kremlin shows no signs of ending its aggressive actions.
Speaking at the summit in Paris, President Volodymyr Zelenskyy said the US was “constantly” changing the terms of the agreement. However, he added that he did not want Washington to think Kyiv was opposed to the deal.
The new Trump administration proposal would replace the previous framework agreement on joint mineral resource development, which Kyiv and Washington agreed upon last month.
That deal, which would have established a fund in which Ukraine would contribute 50% of future mineral resource profits, was never signed following a catastrophic Oval Office meeting between Trump and Zelenskyy.
Under the new proposal, the fund would cover projects undertaken by the Ukrainian government itself, as well as those approved by Kyiv or state-owned entities.
The agreement also extends to infrastructure linked to natural resource extraction, such as roads, railways, pipelines, ports, and processing plants.
Funds generated under the latest proposal would be converted directly into foreign currency and sent abroad, while Ukraine would be responsible for covering any compensation in case of delays or disputes.
The US would receive royalty payments from the fund before Ukraine, with a 4% surcharge, and would retain priority rights over infrastructure projects and a veto on selling resources to third parties.
Although the deal does not include provisions granting the US ownership over Ukraine’s nuclear energy infrastructure—a controversial idea floated last week by Trump—Ukrainian officials remain wary that nuclear assets could still be on the table in future negotiations.
A source familiar with the matter said the nuclear issue had been raised in previous discussions but was deliberately excluded from this iteration of the proposal.
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