Ukrainian President Volodymyr Zelensky has warned the United States that Kyiv will reject any minerals deal that jeopardizes Ukraine's bid to join the European Union, signaling rising tensions over Washington's proposed control over Ukraine's natural resources.
"Nothing that could threaten Ukraine's accession to the EU can be accepted," Zelensky stated during a press conference in Kyiv on Friday. His remarks come after multiple reports revealed that the U.S. has circulated a draft agreement that would establish a joint investment fund granting Washington sweeping access to Ukraine's mineral wealth, including oil, gas, and rare earth elements.
The Financial Times reported Thursday that the latest version of the proposal includes a clause obligating Ukraine to repay the full amount of U.S. military aid provided since the start of the war. The Kiel Institute estimates this figure at approximately $123 billion. Under the terms of the agreement, Ukraine would contribute 50% of proceeds from state-owned resource extraction into the fund, which the U.S. would manage jointly.
Yevropeiska Pravda, a Ukrainian news outlet, noted that this arrangement could violate economic sovereignty clauses central to EU accession criteria, potentially derailing Kyiv's European ambitions. The European Commission confirmed Friday that it would evaluate the terms of any final deal, with spokesperson Paula Pinho stating, "Such an agreement would need to be looked into from the perspective of the relations between Ukraine and the EU and, notably, in terms of the accession negotiations."
The proposed deal was originally scheduled for signing on February 28 but was put on hold following disagreements between Zelensky and former President Donald Trump. Trump had previously floated the idea of leveraging Ukrainian rare earth resources as compensation for American military support.
Zelensky confirmed that his government had received a new draft from Washington containing "many new provisions that were not previously discussed," alongside elements "already rejected by both sides." While he stopped short of rejecting the deal outright, the Ukrainian leader emphasized that economic agreements must align with Ukraine's constitutional commitment to EU integration.
Ukraine's First Vice Prime Minister and Economy Minister Yulia Svyrydenko acknowledged the sensitive nature of the discussions, stating: "The working version we received essentially reflects the position and approaches of the legal experts from the U.S. side. We are formulating our position."
U.S. officials have not yet publicly commented on the revised proposal. However, Trump-era advisers continue to push for stronger bilateral economic ties rooted in natural resource access as a mechanism for restructuring post-war aid packages.
