Ukraine unhappy with new US resources deal – FT

A new draft minerals agreement with the U.S. could undermine Ukraine's sovereignty, divert profits abroad, and deepen Kyiv's dependence on Washington, Financial Times reported, citing three unnamed senior Ukrainian officials.

According to the outlet, the U.S. is pushing for a sweeping deal to control Ukraine's critical mineral resources and energy assets while offering Kyiv no security guarantees and aggressively expanding its initial demands.

FT notes it has reviewed the latest draft agreement, sent by the U.S. to Ukraine on March 23, which goes far beyond the original joint economic proposal.

The document reportedly applies to all mineral resources, including oil and gas, as well as major energy assets across Ukraine. → Washington demands the creation of a supervisory board to oversee a joint investment fund, splitting revenues from Ukrainian oil, gas, and mineral projects between the two countries;

→ The U.S. would appoint three of the board's five members, giving Washington veto power over the fund;

→ U.S. contributions since Russia's full-scale invasion in 2022 would count as part of the partnership [likely referring to aid provided – Ed.];

→ Covered projects include initiatives by the Ukrainian government, state-owned entities, or private companies approved by Kyiv;

→ The deal extends to infrastructure tied to resource extraction, such as roads, railways, pipelines, ports, and refineries;

→ Funds obtained under the latest proposal would be converted directly into foreign currency and transferred abroad, while Ukraine would be responsible for compensation in case of delays or disputes.

→ The U.S. would receive payments from the fund before Ukraine, with a 4% surcharge, and would retain priority rights over infrastructure projects and a veto on resource sales to third parties.

U.S. Treasury Secretary Scott Bessent said on March 27 that he believes the deal could be signed as early as next week.

However, three senior Ukrainian officials told FT this is unlikely. One of them described the new U.S. draft as "unfair," while another compared it to "robbery."

A third official stated that a team of legal advisers had been brought in to help the government review the document and prepare a counterproposal.

The Ukrainian sources expressed frustration over increasing pressure from U.S. President Donald Trump, who is pushing them to make compromises to secure a ceasefire and lasting peace, even as Russia shows no signs of ending its invasion.

While the agreement does not include provisions granting the U.S. ownership of Ukraine's nuclear energy infrastructure, Ukrainian officials remain wary that nuclear assets could still be on the negotiating table in the future, FT notes.

A government official familiar with the matter said the issue had been raised in previous discussions but was deliberately excluded from the current draft agreement.

The U.S. State Department did not respond to FT's request for comment. A Treasury spokesperson stated, "The United States remains committed to the quick conclusion of this vital agreement, and to securing a lasting peace for both Ukraine and Russia."