The new version of the agreement on Ukrainian minerals, presented by the Americans, has been labeled as a “document of expropriation” of Ukraine’s resources. The Telegraph, which saw the new version of the US deal, suggests it is designed to block Ukraine’s progress towards EU membership and revert the country to a powerless role as a Russian gas and oil transit hub.
The report says US President Donald Trump “is holding a gun to the head of Volodymyr Zelenskyy” with this deal. The agreement appears to demand significant reparations from Ukraine, which include half of its mineral resources and critical transport and industrial infrastructure.
“It is an expropriation document. There are no guarantees, no defence clauses, the US puts up nothing. The Americans can walk away, the Ukrainians can’t. I’ve never seen anything like it before,” said Alan Riley, an expert on energy law at the Atlantic Council.
The report suggests that the agreement might be a part of Trump’s plan to turn Ukraine into a resource province for American industry. The journalists see a connection between this intention and negotiations between the US and Russia regarding a comprehensive energy partnership. This partnership could include plans to restore West Siberian gas flows to Europe, with Americans looking to profit from the transportation of this gas.
“The revived gas trade would flow through Ukraine’s network, and later via the Baltic as the sabotaged Nord Stream pipelines are brought back on stream,” reads the report.
The new version of the agreement includes the creation of a joint investment fund between Ukraine and the US, with the Americans having the final say. The fund will control the development of nearly all Ukrainian mineral resources, and the US will receive all profits from this activity until it earns $104 billion as compensation for the military aid provided to Ukraine during Russia’s war. After Ukraine repays the money to the US, the revenues will be split 50/50 between the two countries.
Moreover, any new investment projects related to the development of Ukrainian resources or the construction of new infrastructure must first be submitted for review by this fund, which can limit offers to Europe. If the fund rejects a project, it can only be offered to other investors.
“It is not compatible with EU membership, and perhaps that is part of the purpose. I have to wonder whether the real intention might not be to force Zelenskyy to reject it,” said Riley.
Previously, Ukrainian officials warned that the deal could undermine their country’s sovereignty, direct profits abroad, and deepen its dependence on Washington.
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.”
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