U.S. is pushing for a wider minerals agreement with Ukraine, sources say

The Trump administration has put forward a new, broader minerals agreement with Ukraine, as reported by three individuals familiar with the ongoing discussions and a summary of a draft proposal acquired by Reuters. According to these sources, the U.S. has modified its initial proposal, which does not provide Ukraine with any future security assurances. Instead, it mandates that Ukraine allocate all revenue generated from natural resources managed by both state and private entities throughout its territory into a joint investment fund.

The conditions proposed by Washington significantly exceed those that were under consideration prior to the contentious Oval Office meeting last month between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy. Treasury Secretary Scott Bessent is leading the negotiations on behalf of the United States, as noted by one of the sources. Bessent has not yet responded to requests for comments.

The summary indicates that the proposal does not include any mention of the U.S. acquiring ownership of Ukraine’s nuclear power facilities, a topic that Trump had previously discussed.

Trump has asserted that a minerals agreement would facilitate a peace deal by providing the U.S. with a financial interest in Ukraine’s future. He views this as a means for America to recoup some of the tens of billions of dollars it has extended to Ukraine in financial and military assistance since Russia’s invasion three years ago.

National Security Council spokesperson James Hewitt refrained from confirming the specifics of the latest proposal but stated that the agreement would enhance the U.S.-Ukraine relationship. “The mineral deal presents Ukraine with the chance to establish a lasting economic partnership with the United States, which is fundamental for long-term security and peace,” Hewitt remarked.

Ukraine’s foreign ministry has not yet provided a response to a request for comment. An earlier iteration of the agreement suggested the establishment of a joint investment fund, with Ukraine contributing 50% of the future profits from the extraction of state-owned natural resources. It also outlined a collaborative approach for the U.S. and Ukraine to develop the country’s mineral resources.

On Tuesday, President Zelenskiy informed reporters that the U.S. had proposed a significant new agreement, and Ukrainian officials were in the process of reviewing its details. He mentioned on Thursday that the U.S. is “constantly” altering the terms of the proposed minerals deal, but he emphasized that he did not want Washington to perceive Kyiv as opposed to the agreement.

In a recent interview with Fox News, Bessent stated that the U.S. had provided a finalized document for the economic partnership and expressed hope for comprehensive discussions, potentially leading to signatures next week.

The revised proposal indicates that the U.S. would have the first right to purchase resources extracted under the agreement and would recover all funds provided to Ukraine since 2022, along with a 4% annual interest rate, before Ukraine can access the profits from the fund, as outlined in the summary. The Financial Times was the first to report on this updated proposal.

If finalized, the joint investment fund would be governed by a board consisting of five members—three appointed by the U.S. and two by Ukraine. The generated funds would be converted into foreign currency and transferred abroad, according to the summary. The fund’s management would fall under the U.S. International Development Finance Corporation (DFC). A separate source familiar with the negotiations indicated that there had been talks about the DFC overseeing the fund’s administration.