US seeks to expand terms of Ukrainian mineral deal – FT

The Trump administration is pushing for new terms to secure access to Ukraine’s critical minerals and energy assets, expanding its economic demands on Kyiv as part of efforts to advance a peace deal with Russia.

Source: Financial Times (FT), as reported by European Pravda

Details: Washington reportedly wants Ukraine to agree to more specific provisions on ownership and control over a joint investment fund, as well as broader terms that could include potential American ownership of other economic assets – notably Ukraine’s nuclear power plants – two Ukrainian officials say.

This basically will lead to a revision of the minerals deal developed days before Presidents Donald Trump and Volodymyr Zelenskyy publicly disagreed at the White House.

Speaking at the White House on 20 March, Trump said the US aims to sign rare earth metals and minerals agreements globally, but Ukraine remains a top priority.

Ukrainian officials have voiced concern that the US may be applying pressure to accept unfavourable terms for Ukraine within a wider agreement, especially after Washington temporarily paused arms deliveries and intelligence sharing with Kyiv earlier this month.

During a phone call this week, Trump and Zelenskyy reportedly discussed Ukraine’s energy supply and nuclear plants. 

Zelenskyy told the FT in a virtual media briefing on 19 March that they only discussed one facility with Trump – the Zaporizhzhia Nuclear Power Plant, the largest in Europe.

The Trump administration argues that American economic investments in Ukraine would provide sufficient security guarantees to prevent another Russian invasion following any ceasefire.

In February, Ukraine and the US reached a framework agreement on the joint development of Ukrainian mineral resources, including oil and gas.

The original draft mentioned potential revenues of US$500 billion from mineral extraction, but this reference was removed, as were projects already contributing to Ukraine’s state budget.

A clause was added stating that the US supports Ukraine’s efforts to secure the guarantees necessary to establish lasting peace. Zelenskyy sought a clear US security guarantee in exchange for a share of profits from Ukraine’s natural resources.

However, the deal – which Kyiv viewed as satisfactory – remains unsigned, as both sides continue complex negotiations on broader economic and security matters, according to both Ukrainian and US officials.

"We are ready to sign it," said a senior official close to Zelenskyy, adding that "it would be strange to ignore it".

Two senior Ukrainian officials involved in the resource talks said the Trump administration has yet to present new terms to Kyiv.

"But I realise that . . . they’re working on a bigger agreement," one of the officials noted, speaking on condition of anonymity due to the sensitivity of the negotiations.

Ukrainian negotiators have insisted that the mineral agreement should be finalised before discussing other aspects of potential US investment.

Background:

• President Donald Trump said that Ukraine and the US will soon sign a critical minerals agreement.
• The framework deal has already been prepared, with a more detailed document containing specific figures to follow.
• On 28 February 2025, President Volodymyr Zelenskyy and President Trump did not sign the agreement on natural resources.

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