Ukraine will ask for changes to be made in a new minerals deal presented by the U.S., Bloomberg reported on March 29.
The U.S. has finalized a new minerals deal to sign with Ukraine, U.S. Treasury Secretary Scott Bessent said on March 26. Ukraine and the U.S. were originally set to sign a deal on Feb. 28, but it was never signed following a heated argument during President Volodymyr Zelensky's visit to the White House.
Ukraine will be seeking for the U.S. to commit to more investment and clarify how a proposed reconstruction fund would operate, a person familiar with the matter told Bloomberg.
A draft proposal grants the U.S. power over all future mineral and major infrastructure investments in Ukraine. No time limit is present in the draft document.
The deal also gives the U.S. priority access and control over a joint reconstruction fund for Ukraine. Ukrainian officials have been alarmed since the draft agreement regards "material and financial benefits" given to Ukraine since the onset of Russia's full-scale war in February 2022 as U.S. contributions to the reconstruction fund.
Ukrainian and U.S. officials held talks via video call alongside legal experts to discuss the new minerals deal on March 28, the source said. U.S. officials reportedly did not push back on Ukraine's concerns, particularly concerns about how such an agreement would impact Ukraine's EU aspirations.
Ukrainian officials are concerned the deal would force Ukraine to repay all economic aid it has received from the U.S. and threaten Ukraine's path to join the EU.
Zelensky said on March 28 that Ukraine would not sign a minerals deal that interferes with Ukraine's accession to the EU.
"The Constitution of Ukraine makes it clear that our course is towards the EU ... Nothing that could threaten Ukraine's accession to the EU can be accepted," he said.
Kateryna Denisova
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