The Trump administration is pushing a new agreement that would give the US significant control over Ukraine’s economy, the Wall Street Journal reported on Saturday morning.
The deal is reportedly more expansive than the critical minerals deal that was meant to be signed before the blowup meeting in the Oval Office between US President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelensky in late February.
Trump expressed his interest in obtaining some of the “rare earths” in Ukraine before the White House meeting ended in Zelensky leaving the US early. However, the new plan is far more expansive than the previously agreed upon deal in February.
The Wall Street Journal reported that the proposed plan would allow American companies to draw profits from Ukrainian economic projects in sectors such as rare metals, oil, gas, and other natural resources.
Trump sought to cast the minerals deal, which the US government is no longer pursuing, as a way for Ukraine to repay the US for its billions of dollars in aid.
Draft details
The Trump administration asserts that the US has spent over $300 billion to support Kyiv’s efforts against Moscow. The US Department of State has reported that the number could be closer to $182.8 billion since the start of Russia’s illegal, full-scale invasion of the country in February 2022.
The Wall Street Journal reported that the 55-page draft titled the “United States- Ukraine Reconstruction Investment Fund” was sent to Kyiv this week.
Ukrainian specialists told the Wall Street Journal that they did not believe that the measure would pass in the Ukrainian parliament because of the control the US would have over Kyiv’s economy.
“Ukrainians feel that they cannot give up their entire economic sovereignty for nothing,” Daniel Bilak, a lawyer and a partner in a Kyiv law firm, told the Wall Street Journal.
Some analysts said that they believe that the deal lacks security promises, which is partially what began the spat in the Oval Office. The draft also does not elaborate on what money would go to Ukraine’s rebuilding orovess
In contrast, senior US officials said that the draft gives Ukraine a shot at enduring peace in the region.
“The mineral deal offers Ukraine the opportunity to form an enduring economic relationship with the United States that is the basis for long-term security and peace,” National Security Council Spokesman James Hewitt told the Wall Street Journal.
“The deal will help make Ukraine prosperous and reflects America’s past and current commitment to Ukraine.”
“Any public discussions about the text of this agreement at this stage only harm the negotiations and hinder constructive dialogue with our American partners,” Ukraine’s economy minister,Yulia Svyrydenko, told Ukraine’s Parliament on Friday, the Wall Street Journal reported.
“Seems like the administration is sort of winging it, at this point, when it comes to supporting Ukraine. I would assume, though, that there is a plan to put heavy pressure on the Ukrainians to get them to bend to whatever the Trump team wants them to do,” Rachel Rizzo, a senior fellow at the Atlantic Council think tank, told the Wall Street Journal.
“Supporting Ukraine is not on this administration’s agenda the way it was for Biden.”