The original terms, which President Donald Trump framed as a way for Ukraine to repay the US for military and financial aid since Russia’s 2022 invasion, were met with fierce backlash from Kyiv and European allies.
We have heard multiple times from the US administration that it’s part of a bigger picture,” Ukraine’s Deputy Prime Minister and Justice Minister Olha Stefanishyna told the FT on Tuesday.
The agreement, which centres on the joint development of Ukraine’s vast mineral resources — including oil and gas — comes after Washington dropped its demand for a $500 billion share of potential revenues.
After President Volodymyr Zelenskyy rejected the initial draft, it was reportedly when Trump called him a “dictator” and suggested Ukraine bore responsibility for starting the war.
The final version, dated February 24 and seen by the FT, establishes a fund into which Ukraine will contribute 50% of proceeds from future monetisation of state-owned mineral resources.
