The US is proposing a deal that would give it control of much of Ukraine’s investment landscape, leaving out European allies. The deal would give the US the “right of first offer” on all infrastructure and natural resource investments in Ukraine, according to documents reviewed by Bloomberg News.
The US would have first claim on profits from these investments, which would be transferred into a US-controlled reconstruction fund. The document says that the US sees the “material and financial benefits” provided to Ukraine since Russia’s invasion in 2022 as its contribution to the fund. Donald Trump’s administration would essentially require Ukraine to pay back all of the military and economic support the US has given before Ukraine could claim any income from the fund.
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The US Government would take priority in terms of purchasing Ukraine’s metals, minerals, and oil and gas, before other parties. Ukraine would also be forbidden from selling critical minerals to “strategic competitors” of the US.
The deal would be an extreme expansion of the US’ economic influence in Ukraine, particularly at a time when Ukraine is trying to get closer to European allies that Trump has repeatedly antagonised. Ukraine gained EU candidate status in 2022 and is set to begin accession talks soon. The Ukrainian Government has said a deal with the US should not interfere with this process.
The deal is still in the review phase, and the Ukrainians are set to make their own amendments this week, a person familiar with the matter told Bloomberg.
According to the draft, the US International Development Finance Corporation (DFC) would control the fund and maintain a “golden share”, allowing it to block certain decisions. The board would have five members, three appointed by the US and two appointed by Ukraine. However, Ukraine would not have the power to intervene in the fund’s daily management. The deal also does not give Ukraine any future security guarantees.
Ukrainian President Volodymyr Zelenskyy told reporters on Thursday that the US deal requires a “detailed study” and that terms are in constant flux during negotiations.
“We support cooperation with the US, we don’t want to give a single signal that can prompt the US to stop aid to Ukraine,” he added. Zelenskyy is currently in Paris, France, attending a summit with European leaders.
US National Security Council spokesman James Hewitt said the “mineral deal offers Ukraine the opportunity to form an enduring economic relationship with the US that is the basis for long-term security and peace”. Trump has said that a minerals deal would contribute to peace because it would give the US a financial stake in Ukraine.
Trump has been pressuring both Zelesnkyy and Russian President Vladimir Putin to broker a deal that would end the war. While the US has pushed Ukraine to make many concessions (among them giving up territory), it has not made comparable demands of Russia.
