Donald Trump is pushing for US control over all of Ukraine’s rare minerals and energy assets, including oil and gas, in a new set of demands that go far beyond the minerals deal that collapsed last month. The proposals would see the US receive all royalties from such assets until Ukraine has paid off at least $100bn of war debt, after which Kyiv would receive just 50 per cent of the royalties.
The deal would establish a United States-Ukraine Reconstruction Investment Fund, based in Delaware, with three of its five board members appointed by the US, giving Washington full veto power over resource sales to third parties. The US would also have a right of first offer on investments in infrastructure and natural resources projects, while Ukraine would be barred from intervening in the fund’s day-to-day management.
Ukrainian officials have described the proposal as “unfair” and “robbery”, and one said a deal is unlikely to be signed next week. Kyiv has enlisted legal advisers to examine the document and prepare a counter-offer. Alan Riley, an energy law expert at the Atlantic Council, called it an “expropriation document” and noted it offers no security guarantees for Ukraine.
The proposals also grant the US a veto over sales of Ukrainian resources to other nations, potentially blocking Ukraine’s path to EU membership. Riley said the terms are “not compatible with EU membership” and suggested that may be part of the purpose. President Volodymyr Zelensky said the US had been “constantly” changing the terms but stressed Kyiv did not want to appear opposed to the deal.
Meanwhile, Russia and Ukraine have agreed to a Black Sea and energy ceasefire, but Ukraine accused Russia of damaging energy infrastructure in Kherson with artillery strikes. Zelensky said the evidence would be sent to the US, expecting a response to what he called violations.
