Ukraine seeks changes to Trump’s proposed “lifetime-reparations” minerals deal

The proposed deal with Ukraine would place a US-majority board in charge of Ukrainian resources and reclassify US aid as loans.
ukraine seeks changes trump's proposed lifetime-reparations minerals deal telegraph ukrainian critical raw materials request significant sweeping new version president donald administration including requesting more investment person familiar matter spoke bloomberg
Infographic: The Telegraph
Ukraine seeks changes to Trump’s proposed “lifetime-reparations” minerals deal

Ukraine will request significant changes to a sweeping new version of a minerals deal proposed by President Donald Trump’s administration, including requesting more US investment, according to a person familiar with the matter who spoke to Bloomberg News. Speaking to WP, a Ukrainian official stated that the draft deal gives the impression that Ukraine lost a war to the US and is now required to pay lifetime reparations. The draft doesn’t contain any security guarantees for Ukraine.

Amid the ongoing Russo-Ukrainian war, Trump is pushing Ukraine to enter talks with Russia—allegedly to end the war—while pressuring Kyiv to accept a colonial-style mineral deal granting the US exclusive access to critical resources, including rare earths. The initial draft of the deal required Ukraine to contribute 50% of profits from future resource extraction to repay US military aid provided since 2022, which the Trump administration retroactively reclassified as a loan. However, after a February heated exchange between Zelenskyy, Trump, and JD Vance, the revised version escalated the contribution to 100%, with a 4% annual interest, before Ukraine could even access any profits.

A 55-page draft agreement, published earlier by the Financial Times, would grant the US permanent control over major infrastructure and mineral investments in Ukraine. If signed, the deal would give Washington control over investment decisions in key sectors of Ukraine’s economy, including mining, oil and gas, critical minerals extraction, as well as ports, roads, and railways.

Ukrainian officials, including legal experts, held a video call with their US counterparts on 28 March to seek clarification on the draft agreement, according to an anonymous Bloomberg source. The US representatives reportedly did not object to concerns raised by Kyiv, particularly regarding the proposal’s potential conflict with Ukraine’s EU membership goals, indicating that Washington may be open to discussions on potential changes.

The United States remains committed to the quick conclusion of this vital agreement, and to securing a lasting peace for both Ukraine and Russia,” a Treasury spokesperson told Bloomberg.

Previous US military aid reclassified as debt, US control of investment board

The draft agreement outlines that the US would have the primary claim on profits transferred into a special reconstruction investment fund controlled by Washington. Importantly, the agreement designates the American aid provided to Ukraine since Russia’s full-scale invasion in February 2022 as the US’s contribution to this fund. This aid is referred to as “material and financial benefits” in the draft. Bloomberg’s source said Kyiv expressed concerns about this aspect during the call.

Ukraine’s President Volodymyr Zelenskyy had previously dismissed the idea that military aid from the US could be considered debt, emphasizing that the deal must not hinder Ukraine’s EU aspirations, as membership is enshrined in the country’s constitution.

I will only consider the version that was officially submitted to our side. The format has changed, so let’s study that format first, and then we can talk,” Zelenskyy told reporters, according to The Washington Post.

He stated that any further changes must undergo thorough review, adding that he will personally review the deal and speak publicly only once lawyers “confirm that everything complies with Ukrainian law and our constitution.”

The proposed fund board managing all investments would have three US and two Ukrainian representatives, giving the US majority control, The Washington Post reports. Ukrainian members would be vetted by Washington and could be dismissed at any time. A former Ukrainian official, speaking anonymously to WP, remarked,

“Either they are very impudent or trying to start with too aggressive position just to be able to make some small concessions.

“Reparations to the US”

Ukrainian lawmaker Yaroslav Zheleznyak told WP that parliament seeks fair cooperation with the US but “absolutely will not support” the current version of the deal. He called it “frankly, horrifying,” citing concerns over US access to Ukraine’s mineral, oil, and gas reserves, with profits transferred abroad. Zheleznyak also criticized the lack of security guarantees and US veto power over new infrastructure and resource sales, stating, “It can and must be changed.”

First Deputy Prime Minister and Economy Minister Yulia Svyrydenko on 29 March called for an end to “public discussions” on the proposal, warning that this could harm the talks. “Ukraine wants to maintain a constructive dialogue with US partners,” she wrote on Facebook, according to Bloomberg.

A senior Ukrainian official told WP the new draft deal looks like “Ukraine was in the war with US, lost, [was] captured and now has to pay lifetime reparations.”

US Treasury Secretary Scott Bessent told Fox News on 27 March that he hopes to get to full discussions “and even get signatures next week” on the deal, according to The Washington Post.

Related:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here



    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!