Revised U.S. Proposal Demands Ukraine Repay Aid with Interest Before Accessing Profits
The Trump administration has introduced a revised minerals deal requiring Ukraine to repay all free U.S. aid provided since 2022—plus 4% annual interest—before accessing any profits from a proposed joint investment fund. Ukrainian President Volodymyr Zelenskyy has expressed frustration over the shifting terms of the agreement, which still offers no security guarantees for Kyiv.
According to three sources familiar with the negotiations and a draft summary obtained by Reuters, the updated U.S. proposal mandates that all revenue from Ukraine’s state and private resource operations be directed into the joint fund. This marks a significant shift from an earlier version, which had suggested a 50-50 profit split from future state-owned mineral extraction projects.
U.S. Treasury Secretary Scott Bessent has spearheaded the negotiations, with the latest terms going beyond those discussed before President Donald Trump’s late-February Oval Office meeting with Zelenskyy. While the draft summary does not mention U.S. ownership of Ukraine’s nuclear power plants—a claim previously floated by Trump and dismissed by Russia—it emphasizes strict financial conditions.
Trump has framed the deal as a way to secure U.S. financial interests in Ukraine’s future while recouping billions in aid sent since Russia’s 2022 invasion. However, Zelenskyy has indicated that Washington keeps altering the terms. On March 26, he acknowledged reviewing a "major" new proposal, and two days later, he noted that conditions were "constantly" changing—though he insisted Kyiv was not opposing the deal.
# Key Terms of the Revised Proposal
- **Repayment of U.S. Aid**: Ukraine must fully repay all American assistance since 2022, plus 4% annual interest, before accessing any profits from the joint fund.
- **Resource Purchase Priority**: The U.S. would have first rights to buy minerals extracted under the agreement.
- **Fund Governance**: A five-member board—with three U.S.-appointed and two Ukrainian members—would oversee the joint investment fund.
- **Profit Conversion & Transfer**: Fund earnings would be converted to foreign currency and transferred abroad.
- **Management by U.S. Agency**: The U.S. International Development Finance Corporation (DFC) would manage the fund.
The proposal underscores the Trump administration’s focus on financial returns, raising concerns in Kyiv over sovereignty and economic pressure. As negotiations continue, Zelenskyy faces the challenge of balancing Ukraine’s immediate needs with long-term financial obligations.
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