New US conditions for minerals deal with Ukraine, as a security guarantee
The administration of current US President Donald Trump is seeking new conditions for American companies to access key minerals and energy resources in Ukraine, further increasing its economic demands on Kiev, while at the same time trying to negotiate a peace treaty with Russia, the Financial Times reports.
Recommended
According to two Ukrainian officials, Washington wants Kiev to agree to precise terms on who will own and control the joint investment fund. In addition, the United States could seek ownership of other important economic resources, including Ukraine's nuclear power plants.
The move would reopen a still-unsigned agreement on the exploitation of Ukrainian minerals, which was agreed upon a few days before Trump and Ukrainian President Volodymyr Zelensky publicly exchanged words at the White House.
Trump says signing of deal is close
Speaking at the White House, Trump said the United States plans to sign deals for rare metals and minerals around the world, but that Ukraine is a particular priority.
"We are very close to signing a rare metals agreement with Ukraine," he said, but did not reveal further details.
Ukrainian authorities have expressed concern about pressure to agree to unfavorable terms, especially after Washington temporarily suspended arms deliveries and intelligence sharing with Kiev in early March.
According to information released by US Secretary of State Marco Rubio and National Security Advisor Mike Walz, Trump and Zelensky spoke by phone this week and "discussed Ukraine's electricity supply and nuclear power plants."
The issue of nuclear power plants
"President Trump said the United States can help manage these power plants, thanks to its experience in the energy and utilities sectors," the summary of the conversation said.
It added that US ownership of these systems would represent the "best protection" for Ukraine's energy infrastructure.
On Wednesday, during an online briefing with reporters, Zelensky said that he had discussed with Trump only one nuclear power plant, the one in Zaporizhia, which is the largest in Europe.
This power plant is located 650 kilometers southeast of Kiev, on the Dnieper River, and has been under the control of the Russian military since March 2022. Its six reactors are currently in a so-called "standby" state of cold shutdown.
The Trump administration believes that American economic investments in Ukraine are a sufficient security guarantee that should prevent Russia from launching a new attack after a possible ceasefire.
Original initial version
In February, Ukraine and the United States reached a framework agreement for the joint development of Ukrainian mineral resources, including oil and gas. The agreement, dated February 25 and first reported by the Financial Times, was a softer version of the original American offer.
The agreement removed the previous estimate of $500 billion in potential revenue from mineral exploitation and excluded existing mining projects that already meet the Ukrainian state budget.
A sentence was added saying that the United States “supports Ukrainian efforts to obtain the security guarantees necessary for lasting peace.” Zelensky demanded an explicit American guarantee of Ukraine’s security in exchange for sharing the revenues from its abundant natural resources.
However, the agreement that Ukraine considered satisfactory has not yet been signed. The two sides are still negotiating a broader package that includes economic and security issues.
“We are ready to sign,” said a senior Ukrainian official close to Zelensky. “It would be strange to ignore it,” they added.
Divisions in Ukraine
Meanwhile, two senior Ukrainian officials involved in negotiations with the Americans said that the Trump administration has not yet presented new formal conditions.
"But it's clear to me that a bigger deal is being negotiated," said one of them, who wished to remain anonymous due to the sensitivity of the topics.
A spokesman for the US National Security Council said that "economic partnerships related to key minerals, energy and economic growth remain a topic of discussion", but that the focus has now shifted to "a broader ceasefire and a path to lasting peace".
The Ukrainians wanted to take it slow and resolve the minerals deal first before discussing the broader aspects of the American investment.
These talks have caused great concern in Ukraine.
“Since when does handing over a strategic sector to a foreign state mean security?” Ukrainian opposition MP Ina Sovsun wrote on the X platform.
"That sounds more like a takeover than a protection," she warned.
