The United States is pushing to gain significant control over Ukraine’s future infrastructure and mineral investments, which could potentially undermine Kyiv’s efforts to join the European Union. The Trump administration is seeking a revised partnership agreement that would grant the US the “right of first offer” on all major projects involving Ukraine’s infrastructure and natural resources, including roads, railways, ports, mines, and oil and gas extraction.
A draft of the agreement, obtained by Bloomberg News, reveals that the US would have the ability to dictate investment terms for these critical sectors in Ukraine. If accepted, the deal would provide the US with an unprecedented level of economic influence in the country, coinciding with Ukraine’s aspirations for closer ties with the EU.
Under the terms of the agreement, the US would secure first claim on profits directed into a special reconstruction investment fund controlled by Washington. The draft document outlines that the US views the “material and financial benefits” provided to Ukraine since Russia’s full-scale invasion in February 2022 as a contribution to this fund. This provision could effectively force Ukraine to pay for the US military and economic support it has received during the ongoing war before the country sees any financial returns from the partnership.
The agreement was delivered to Ukrainian officials last weekend, following a failed attempt to finalize a similar deal last month during a tense meeting between Ukrainian President Volodymyr Zelenskyy and President Trump in the Oval Office. While the White House recently stated that it is moving beyond the earlier critical minerals agreement, negotiations continue between the two sides, and the final document may be subject to further revisions.
Zelenskyy has indicated that the full agreement requires detailed study, and ongoing discussions are expected to lead to amendments from both Ukraine and the US. He emphasized Ukraine’s commitment to cooperation with the US, despite the evolving terms. “We don’t want to give a single signal that could prompt the US to stop aid to Ukraine,” Zelenskyy stated during a summit in Paris on Thursday with European leaders.
A spokesperson for the US Treasury Department reiterated the commitment to a swift conclusion of the agreement, aiming for long-term peace and stability for both Ukraine and Russia. James Hewitt, a National Security Council spokesman, framed the mineral deal as a step towards building an enduring economic partnership between the US and Ukraine. He stressed that it would strengthen the relationship between the two nations and benefit both sides.
The deal is a crucial part of Zelenskyy’s “Victory Plan,” which seeks to attract foreign investment into Ukraine to help fortify the country against future Russian aggression. Trump, meanwhile, has pressed for a deal that grants the US access to Ukraine’s critical minerals as compensation for its ongoing support in the war.
Ukraine, which secured EU candidate status in 2022, is in the early stages of a lengthy process to join the European Union. The proposed US agreement could complicate Ukraine’s EU aspirations, particularly if it provides the US with effective control over key sectors of the country’s economy.
The Ukrainian government has made it clear that any deal with the US should not conflict with its association agreement with the EU. Kyiv has also previously rejected the US’s demand to count its military and economic assistance as a contribution to the reconstruction fund.
According to the draft agreement, the US International Development Finance Corporation (DFC) would oversee the investment fund, appointing three of its five board members and holding a “golden share” to veto certain decisions. Ukraine would be limited to appointing just two board members and would be excluded from the day-to-day management of the fund.
The agreement mandates that Ukraine contribute 50% of earnings from new natural resources and infrastructure projects into the fund, with the US entitled to all profits plus a 4% annual return until the investment is fully recouped. Additionally, the DFC would have oversight over all funded programs, and Ukraine would be prohibited from offering rejected projects to other parties with more favorable terms for at least one year.
The US government would also have the right to purchase Ukrainian metals, minerals, and oil and gas ahead of other buyers, even if the fund is not financing the project. The deal, which has no expiration date, also restricts Ukraine from selling critical minerals to countries deemed “strategic competitors” of the United States.
As negotiations continue, the terms of the deal remain fluid, with Ukraine expected to submit its own amendments in the coming days.
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