Ukraine plans to request changes to a new draft agreement with the United States on mineral resources, particularly asking for more American investments, according to a source familiar with the discussions.
A draft of the agreement, reviewed by Bloomberg News, would give the United States control over all major infrastructure and mineral investments in Ukraine, with no set expiration date.
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Kyiv is concerned that the deal could undermine its efforts to join the European Union and might require it to repay all US military and economic aid provided since the start of the war.
If approved, the agreement would give the US significant influence over investment decisions in key sectors of Ukraine’s economy, including mining, oil and gas, and infrastructure such as ports, roads, and railways.
The proposal also states that the US would have first claim on profits transferred into a special reconstruction investment fund controlled by Washington. It considers all financial and material aid provided to Ukraine since Russia’s full-scale invasion in 2022 as part of that fund.
On Friday, March 28, Ukrainian officials held a video call with their US counterparts, including legal experts, to seek clarification on the nearly 60-page draft agreement, the source said.
US officials did not reject Kyiv’s concerns, particularly regarding the deal’s potential conflict with Ukraine’s EU goals, suggesting Washington may be open to negotiations, the source added.
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Ukraine is still preparing its final proposals for amendments, the source said. The draft deal, which does not include US security guarantees, has faced criticism from opposition lawmakers in Kyiv.
A Ukrainian lawmaker Yaroslav Zheleznyak outlined the new terms on Thursday and criticized them for being “downright HORRIBLE” as they demand more resources than previous versions and contain no security guarantees, among other terms that favored the US but not Ukraine.
At a joint press conference after the Thursday security summit in Paris, Zelensky said the new deal should be studied by lawyers and ratified by Ukraine’s parliament, the Verkhovna Rada, before being signed into a framework agreement.
Zelensky said, “America is now changing these rules and immediately offering a full agreement, and a full agreement requires detailed study.”
Zelensky was slated to sign an earlier version of the deal on Feb. 28 during his infamous clash with US President Donald Trump in the White House, which did not come to fruition.
A brief hiatus of US arms and supplies to Kyiv followed, but Ukrainian and US officials have ostensibly made amends in recent weeks, as demonstrated by Kyiv’s agreement to a US-backed ceasefire deal that now hinges upon Moscow’s cooperation.