Donald Trump is seeking US control over all of Ukraine’s rare minerals and energy assets in extraordinary new proposals to Kyiv. These proposals go far beyond the minerals deal that collapsed during Zelensky’s White House visit last month, according to multiple news outlets.
Terms of the Proposed Deal
The deal would see the US receive all royalties from Ukrainian resources until Ukraine has paid off at least $100bn of war debt, after which Kyiv would receive only 50 percent. The agreement offers no security guarantees from Russian aggression in return.
It would also give the US veto power over any sales of Ukrainian resources to other nations, potentially blocking Ukraine’s path to EU membership.
Creating a US-Controlled Fund
All of Ukraine’s mineral and energy assets – plus related infrastructure – would be placed under a new United States-Ukraine Reconstruction Investment Fund, based in Delaware.
Three of five board members would be US-appointed, giving Washington full control over resource sales. The US would receive a “right of first offer” on all infrastructure and resource projects, while Ukraine would be prevented from intervening in the fund’s management.
Ukrainian Response
One Kyiv official described the proposal as “robbery” to the Financial Times. Alan Riley, an expert on energy law at the Atlantic Council, called it an “expropriation document,” saying: “There are no guarantees, no defense clauses, the US puts up nothing. The Americans can walk away, the Ukrainians can’t.”
Ukrainian officials are preparing a counter-offer with the help of legal advisers.
Pressure on Ukraine
Zelensky said the US had been “constantly” changing the terms but added that he didn’t want Washington to think Kyiv opposed cooperation.
“We support cooperation with the US, we don’t want to give a single signal that can prompt the US to stop aid to Ukraine,” Zelensky said, highlighting Washington’s leverage over a country fighting an existential war.
Complications with Russia
Despite reports of a Black Sea energy ceasefire, Ukrainian officials accused Russia of damaging energy infrastructure in Kherson with artillery strikes on Thursday.
Meanwhile, Washington is reportedly discussing plans with the Kremlin to restore Russian gas to Europe via Ukraine and later through Nord Stream, while giving US firms a major stake.