Kyiv opens talks as US seeks stake in critical mineral revenues

• Ukraine will send a delegation to Washington next week to negotiate a U.S.-drafted minerals deal that could reshape control over natural resources. The draft follows months of tension and includes possible long-term U.S. stakes in Ukraine’s resource revenue.
• Kyiv said the document reflects only the U.S. position and plans to negotiate terms that protect its economic and strategic interests.
• The proposal has divided opinion in Ukraine, where some see it as needed investment and others fear loss of sovereignty.

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Ukrainian officials will travel to Washington next week to begin formal negotiations on a U.S.-drafted agreement that could reshape the future of Ukraine’s natural resource sector. The talks follow months of strained diplomacy and a leaked draft that, according to The Associated Press, suggested the United States could receive long-term financial stakes in Ukraine’s mineral revenues in exchange for continued support.

The proposed deal builds on a framework that both sides were close to signing in February, before it collapsed following what AP described as a tense Oval Office meeting between Presidents Donald Trump and Volodymyr Zelenskyy. That earlier version had outlined a jointly managed investment fund aimed at rebuilding Ukraine’s economy using revenue from minerals and other key assets.

What is in the new US draft?

According to Ukrainian Economy Minister Yuliia Svyrydenko, the latest draft sent by the U.S. Treasury expands the original framework to include hydrocarbons, oil, gas and other resources. Svyrydenko told AP the document reflects only the U.S. legal team’s position and does not represent a finalized agreement.

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Ukraine is preparing to send a technical delegation — including legal, financial and investment experts — to define its priorities and negotiate acceptable terms.

Critics, citing leaked portions of the draft reported by AP, argue the proposal grants the U.S. extensive financial leverage with unclear provisions on how Ukraine would share control of the fund. Supporters, including some in Ukraine’s private sector, have framed the proposal as a chance to secure reconstruction investment and long-term U.S. engagement in the war effort.

Why is the deal controversial?

The New York Times said the proposed agreement triggered emotional debate in Ukraine, particularly in the mineral-rich Kirovohrad region.

Some residents view U.S. investment as a necessary tool for survival and post-war recovery. Others worry that Kyiv could surrender long-term control over strategic assets without clear protections for Ukraine’s interests, environmental standards or sovereignty.

Concerns also stem from the complexity of Ukraine’s mining sector. Local experts and environmental advocates told The Times that while foreign investment could modernize outdated and hazardous infrastructure, the country’s oversight mechanisms still lag behind Western standards.

What does the US want from the deal?

As noted by Reuters, the U.S. sees the deal as a pathway to recoup some of the billions in military aid sent to Ukraine since Russia’s full-scale invasion. Some observers have described the agreement as a potential analog to the Marshall Plan, which offers financial support in exchange for economic access.

However, Zelenskyy publicly stated that Kyiv does not recognize past U.S. assistance as debt, nor will it accept terms that undermine Ukraine’s long-term European integration, according to Reuters.

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What comes next?

Svyrydenko said the upcoming negotiations represent a “new stage” in U.S.-Ukraine relations, one requiring technical expertise and a clearly defined position. Ukrainian officials have emphasized they remain open to a mutually beneficial agreement. Still, they will push for shared governance of any resulting fund and insist on terms that align with national interests.

According to AP, both governments see Ukraine’s untapped mineral wealth as strategically significant. The outcome of these talks may determine how that wealth is managed — and by whom — for years to come.