Ukraine has yet to finalize a mineral resources agreement with the U.S., officials confirmed Friday, amid reports that Washington’s latest proposal seeks complete control over Ukraine’s resource-based revenues for an extended period.
According to a summary reviewed by Reuters, the updated U.S. offer mandates that Kyiv funnel all proceeds from a state-controlled resources fund to Washington until Ukraine repays every dollar of American wartime assistance—with added interest.
Deputy Prime Minister Yulia Svyrydenko emphasized that Kyiv would not take a formal stance on the proposal until internal consensus is reached, warning that public discourse could be detrimental. Meanwhile, presidential adviser Mykhailo Podolyak confirmed that discussions are ongoing among ministries, but no finalized draft exists.
An anonymous Ukrainian source described the American document as "massive," while insiders revealed that the Trump administration has been pressuring Kyiv for weeks to sign an agreement granting the U.S. a direct stake in Ukraine’s resource sector.
President Volodymyr Zelenskiy has expressed openness to a deal but refuses to approve any arrangement that would economically cripple Ukraine. He noted that Washington continuously alters its terms but stressed that he does not oppose collaboration in principle.
Sources familiar with the negotiations said the latest U.S. draft provides Ukraine with no future security assurances and obligates it to allocate all income from state and private natural resource enterprises to a joint investment fund. The proposal also grants the U.S. the first purchasing rights for extracted resources and stipulates that Kyiv must fully reimburse American financial aid—plus 4% annual interest—before accessing any profits.
Ukraine’s 2024 budget includes substantial revenues from resource-related activities, with $1.2 billion from subsurface rent payments, $1.8 billion from state company dividends, and $19.4 billion in profits from state-owned enterprises, according to finance ministry data.
Under the proposal, the joint investment fund would be overseen by the U.S. International Development Finance Corporation, with a five-member board—three appointed by Washington and two by Kyiv. Additionally, all funds would be converted to foreign currency and transferred abroad.
The Financial Times first reported on the revised U.S. offer, noting that an earlier version—accepted in principle before Zelenskiy’s recent White House visit—offered Ukraine comparatively better terms, requiring only 50% of future resource profits to be contributed.
Zelenskiy’s February 28 visit ended with a tense Oval Office exchange with Trump, after which Washington temporarily halted intelligence-sharing and military aid to Ukraine, further complicating negotiations.