US-Kiev mineral deal draft gives Washington control until debt repaid
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Negotiations over the stricter draft began recently and are expected to continue over two days.
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President Donald Trump, right, meets with Ukrainian President Volodymyr Zelensky in the Oval Office at the White House, Friday, Feb. 28, 2025, in Washington (AP)
A revised draft of the mineral resources agreement between the United States and Ukraine would grant Washington full rights to profits from joint ventures until Kiev repays all US aid provided during the war, The New York Times reported on Friday.
In addition to repaying the aid, Ukraine would also be required to pay an annual interest of 4%, according to the NYT report.
Negotiations over the stricter draft began recently and are expected to continue over two days. Ukrainian officials have described the talks as mostly technical, noting that senior leadership from either side will not participate directly.
The draft reportedly gives the US a “right of first offer” on any new mineral projects and the authority to block sales of Ukrainian resources to third-party countries. It also bars Ukraine from presenting investment opportunities to other nations for the first year of the agreement, even if they offer better terms than the US.
Furthermore, the proposed agreement places all projects under the control of the US International Development Finance Corporation (DFC), the government agency tasked with overseas investments.
The talks follow a March 11 announcement that both countries had agreed to sign a comprehensive deal on Ukraine’s mineral development. US Treasury Secretary Scott Bessent said Washington would soon host a Ukrainian technical team to finalize the agreement.
On Monday, Ukrainian Economy Minister Yulia Svyrydenko confirmed the team would include representatives from the ministries of economy, justice, finance, and foreign affairs. Ukrainian Deputy Foreign Minister Andrii Sybiha later stated that Kiev had finalized its position on the draft deal.
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