Trump demands repayment of US aid with interest, challenges Ukraine’s EU accession

The agreement stipulates that the U.S. is demanding Ukraine to compensate for the full value of all assistance — including budgetary, military, and humanitarian aid — provided since Russia’s full-scale invasion in 2022.

This amount is estimated at $123 billion and is categorized as the "Initial Contribution DFC" to the Fund.

The new agreement also specifies that Ukraine must convert Fund income into U.S. dollars and transfer it to U.S. accounts upon request, without any fees.

The Fund’s income sources are reported to include:

• 50% of the value of all new licenses and rent payments for mineral exploration in Ukraine.

• 50% of revenue from infrastructure projects (details of which are not disclosed in the agreement).

Additionally, the agreement allows the Fund to reinvest a portion of its income into projects in Ukraine, with the U.S. receiving 50% of future profits from these investments.

The deal requires Ukraine to repay its "debt" to the U.S. on schedule, with an annual increase of 4%, according to the report.

"This means the longer Kyiv delays payments, the more it will have to repay," the journalists note.

The report also highlights concerns that the new agreement on natural resources could contradict Ukraine’s goal of EU membership due to strict restrictions that could significantly impact Ukraine’s economic sovereignty.

The U.S. demands in the agreement are said to be incompatible with both Ukraine's existing agreements with the EU and the principles of competition within the EU, to which Ukraine aspires.

"In the February version of the agreement, this issue was addressed, but it has now resurfaced," the report emphasizes.

The document grants U.S. companies exclusive rights to explore Ukrainian mineral resources and key infrastructure projects.

"Under the March version of the agreement, U.S. companies will have priority over all future investments in natural resources and infrastructure. Only if they decline will Ukraine be able to offer participation to other investors, including European ones. The Ukrainian government is also required to disclose all confidential details of such negotiations to the U.S.," the journalists underline.

Moreover, the agreement prohibits Ukraine from offering any other investor better terms than those proposed to the U.S. for one year after their refusal.

An additional clause obliges Ukraine to include in licenses for the extraction of "critically important minerals" a ban on selling them to buyers from countries identified by the U.S. DFC as strategic competitors. Journalists point out that this could potentially include the European Union.

"This creates a precedent where Ukraine, which seeks EU membership, will be forced to limit trade with European partners," the report states.

Background on the U.S.-Ukraine critical mineral resources agreement: Ukraine and the U.S. were set to sign a framework agreement on rare earth metals on Feb. 28.

The document outlined commitments to begin talks on a second, more detailed agreement that would regulate the operation of the Ukraine Recovery Investment Fund — a bilateral structure to be created by Ukraine and the U.S., into which Ukraine would contribute 50% of future revenues from new mineral developments.

The agreement was not to apply to the current income of Naftogaz and Ukrnafta.

The signing of the agreement was canceled on Feb. 28 following a dispute between Ukrainian President Volodymyr Zelenskyy, U.S. President Donald Trump, and U.S. Vice President J.D. Vance at the White House.

On March 3, Zelenskyy stated that Kyiv was ready to sign the agreement with the U.S. on minerals, provided both sides were mutually prepared and Ukrainian interests were considered.

Subsequently, U.S. Congressman Brian Fitzpatrick, after talks with Zelenskyy and Ukrainian President’s Office Head Andriy Yermak, stated that the U.S.-Ukraine agreement on critical minerals would be signed soon.

On March 11, the Ukrainian President’s Office confirmed that Ukraine and the U.S. had agreed to finalize the comprehensive agreement on critical mineral development as soon as possible.

On March 26, U.S. Treasury Secretary Scott Bessent reported that the U.S. had prepared a "full" version of the minerals agreement for Ukraine, with a signing potentially set for the following week.

On March 27, Ukrainian lawmaker Yaroslav Zheleznyak announced that the U.S. had handed over a new draft of the mineral agreement to Ukraine, which would need ratification by the Verkhovna Rada.

Dated March 23, the draft reportedly grants the U.S. access to all minerals across Ukraine, including current and future developments.