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NV Ukraine: US eyes full access to Ukraine’s natural resources, Ukrainian lawmaker says, citing draft resource deal

byPolitics Editorial Team
27. March 2025

The re vised “Minerals Deal” which Ukraine shall sign with the US is targeting all mineral deposits and reserves of Ukraine. The conditions are strict and the US will have the say as long as the US desires:

  • Management of the joint investment fund — which would pool profits from Ukraine’s mineral resources — would rest with five people, three of whom would be appointed by the US and hold full veto power.
  • The deal covers all minerals, not just rare earth elements. That includes oil, gas, and both new and existing deposits.
  • It applies across the entire territory of Ukraine.
  • Both state-run and private companies could be involved in extraction.
  • Revenues would be converted directly into foreign currency.
  • Fund proceeds would be transferred abroad. If any delay or shortfall arises on Ukraine’s side, the country would be required to make up the difference.
  • The US contribution would be counted as aid already provided to Ukraine since 2022. “They would be entitled to profit from their decisions. And they get ‘royalties’ from the fund first — Ukraine comes after — plus 4%,”
  • The agreement would be indefinite.
  • Any changes or termination would require US approval.
  • The US would have so-called “first night rights” on all new infrastructure projects and veto power over any sale of resources to third countries.
  • There is no mention of security guarantees for Ukraine.

It will be, indeed, a considerable restriction for Ukraine once the Agreement is signed. All its most valuable resources will be under US control and the US will have a first right to receive dividends from any operation. The US considers this a fair approach after spending hundreds of billions of USD to support Ukraine in its war with Russia.

Remarkably, no security guarantees are included in the Agreement.

It is foreseeable that this Agreement will be highly criticized in Ukraine and may have difficulties to obtain ratification by the Ukrainian parliament.

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