Ukrainian Foreign Minister Andrii Sybiha confirmed that Kyiv has begun consultations with the American side to conclude a new minerals agreement. According to him, the new text of the agreement was received through diplomatic channels on March 28.
This is reported by Kyiv24
“The Ministry of Foreign Affairs received a new text of the so-called agreement on mineral resources from the American side through diplomatic channels on March 28. As is known, the Ukrainian side was ready to sign the previously developed framework agreement. Now we have received a proposal for development and, accordingly, a new text of the agreement,” the minister noted during a briefing with his Lithuanian counterpart Kęstutis Budrys in Kyiv.
Sybiha also added that the first round of consultations has already taken place. He expressed hope that the new document will meet the national interests of both countries. The minister emphasized that the agreement, which will involve active participation from American businesses, will be an important step in strengthening Ukraine’s security infrastructure.
According to Bloomberg, Ukraine plans to make proposals for the new draft agreement, particularly regarding increasing investments from the U.S. President Donald Trump also stated that he expects the agreement with Ukraine to be signed soon. Volodymyr Zelensky confirmed that the American side is preparing a new draft agreement.
According to Financial Times and Bloomberg, the United States insists on concluding an agreement that will cover all natural resources of Ukraine, including oil and gas. The U.S. administration demands a “right of first refusal” on investments in infrastructure and resources.
If the agreement is signed, the U.S. will be able to control investments in projects related to the exploitation of natural resources. Kyiv will be required to transfer 50 percent of the revenues from new projects to a special investment fund, while the U.S. will have the right to demand profits first.
Washington also proposes to establish a joint supervisory board to oversee the investment fund, where three of the five members will be appointed by the U.S., granting Washington veto power.
According to FT, the new agreement does not offer Ukraine any security guarantees. The previous version of the agreement also did not contain such guarantees, which Zelensky had insisted upon.
It is worth noting that earlier in March, Ukraine and the U.S. agreed to conclude an agreement on the development of critical mineral resources, but attempts to sign the agreement were thwarted after a dispute between Trump and Zelensky at the White House.