US President Donald Trump’s administration has proposed a new minerals deal that seeks more from Ukraine, according to three people familiar with the negotiations and a draft summary obtained by Reuters.
The revised US proposal still gives Ukraine no security guarantees, but demands that all revenue from state and private resource operations be directed to a joint investment fund.
An earlier version of Trump’s deal proposed a joint investment fund in which Ukraine would contribute 50% of profits from future state-owned natural resource extraction. It also outlined joint US–Ukraine development of the country’s mineral resources.
US Treasury Secretary Scott Bessent has led the negotiations for Washington, according to Reuters sources. The terms now on the table go far beyond those discussed before Trump’s tense late-February Oval Office meeting with Ukrainian President Volodymyr Zelenskyy.
The proposal makes no mention of US ownership of Ukraine’s nuclear power plants, according to the summary—despite earlier comments from Trump, which Russia publicly dismissed.
FT: Ukraine’s officials call US minerals deal “robbery” as Washington expands demands
Trump has claimed a minerals deal could help secure a peace agreement by giving the US a financial stake in Ukraine’s future. He also frames it as a way for America to recoup part of the tens of billions in free financial and military aid sent since Russia’s invasion three years ago.
On 26 March, Zelenskyy told reporters that the US had proposed a “major” new deal and that Ukrainian officials were still reviewing its terms. Two days later, he said Washington was “constantly” changing the conditions of the proposed minerals agreement but stressed he didn’t want the US to think Kyiv opposed the deal.
Reuters says the proposal stipulates the following:
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The new proposal gives the US first rights to purchase resources extracted under the agreement, according to a summary obtained by Reuters.
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It requires Ukraine to repay all US aid provided since 2022, plus 4% annual interest, before gaining access to any profits from the joint investment fund.
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If agreed, the joint investment fund would be governed by a five-member board of the US-appointed and two Ukrainian members.
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Profits generated by the fund would be converted into foreign currency and transferred abroad, per the summary.
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The fund would be managed by the US International Development Finance Corporation (DFC).
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