The post-war reconstruction of Ukraine is increasingly being shaped by foreign interests, with natural resources emerging as a key point of contention.
As Russia’s invasion drags on and international alliances shift, the U.S. under President Donald Trump is seeking deeper access to Ukraine’s mineral and energy assets—but without offering the security backing Kyiv expected.
U.S. Proposal Gives Washington Oversight and Royalties
According to documents reviewed by the Financial Times, the Trump administration has submitted a draft proposal to Kyiv that would create a joint U.S.-Ukraine investment fund to oversee projects involving oil, gas, and rare earth minerals.
Under the proposal, the U.S. would appoint a majority—three out of five—of the fund’s board members, effectively handing Washington full veto power over key decisions.
Notably, the agreement would prioritize royalty payments to the United States over those to Ukraine, and would encompass not only new ventures but projects currently managed by Ukraine’s own government.
While the proposal omits direct U.S. ownership of Ukraine’s nuclear infrastructure—a concept floated by Trump last week—it has nonetheless raised alarm in Kyiv.
Three senior Ukrainian officials expressed skepticism about the deal, with one calling it “unfair” and another likening it to “a robbery.”
No Security Guarantees Attached
Despite the sweeping economic demands, the draft agreement reportedly does not include any clauses related to U.S. security guarantees for Ukraine.
This omission comes amid heightened vulnerability for Kyiv and dwindling clarity over long-term Western support.
Ukrainian President Volodymyr Zelensky recently voiced frustration, saying Washington is “constantly changing” the terms of the mineral accord.
His strained visit to the U.S. last month—cut short after a reported clash with Trump and Vice President JD Vance—underscored the increasingly fragile relationship between Kyiv and the current U.S. administration.
Trump, on the other hand, views the agreement as a method of offsetting what he claims are the billions of dollars America has spent supporting Ukraine since the Russian invasion began.
As both sides now publicly question each other’s intentions, the future of Ukrainian sovereignty over its critical mineral wealth remains deeply uncertain.
