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

He said he received the draft on March 26 from Ukrainian officials, who told him it had been submitted by the US as a new version of a bilateral mineral resources deal. According to him, the document is not final, and he expressed hope that Ukraine would demand and secure significant revisions.

The draft reportedly spans 58 pages and consists of 18 sections.

“This is no longer a framework memorandum of intent, like the one discussed before the scandalous Oval Office meeting,” Zheleznyak wrote. “This is a full-fledged, very clear agreement. And it’s not in our favor.”

Zheleznyak highlighted what he described as key provisions of the draft:

• 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%,” Zheleznyak added.
• 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.

Zheleznyak also pointed out that the draft contains a large volume of legal language.

“It can and must be changed,” he wrote. “Otherwise, I don’t see how it could be ratified by parliament.”

Ukraine-US minerals deal

Ukraine and the United States were expected to sign a framework agreement on rare earth metals on Feb. 28. The document included a commitment to begin negotiations on a second, more detailed agreement governing the operations of the Ukraine Recovery Investment Fund — a joint structure that would be set up by both countries. Ukraine would be required to contribute 50% of future revenues from new mineral developments to the fund. The agreement, however, was not meant to apply to current revenues from Naftogaz or Ukrnafta.

The signing was abruptly canceled on Feb. 28 following a heated exchange at the White House between Ukrainian President Volodymyr Zelenskyy, US President Donald Trump, and Vice President J.D. Vance.

On March 3, Zelenskyy stated that Kyiv remained open to signing a mineral resources agreement with the US, provided both sides were ready and Ukraine’s position was taken into account.

Soon after, Republican Congressman Brian Fitzpatrick, following talks with Zelenskyy and the head of the Presidential Office, Andrii Yermak, said the US–Ukraine deal on critical minerals would be signed “in short order.”

On March 11, the Presidential Office announced that Ukraine and the United States had agreed to conclude a comprehensive agreement on the development of critical mineral resources “as soon as possible.”

Then, on March 26, US Treasury Secretary Scott Bessent said the US government had finalized a “full-fledged” draft agreement on mineral resources and delivered it to Ukrainian authorities. The deal could be signed as early as next week.