Ukraine’s President Volodymyr Zelensky has described a proposed deal with the United States concerning natural resources as a "framework" for future discussions. He emphasized the need for further in-person talks with President Donald Trump to solidify the relationship between the two nations. This comes as a draft of the agreement obtained by CNN reveals it lacks explicit security guarantees for Kyiv.
President Trump is keen on ending Russia’s war swiftly and recovering some of Washington’s financial aid to Kyiv. Zelensky hopes that the natural resources deal can ensure support from the US, alongside security guarantees for Ukraine. However, the draft text indicates that the United States only "supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace," without making explicit commitments.
During a press conference in Kyiv, Zelensky acknowledged the deal's lack of "concrete steps on security guarantees," stating that these matters need to be resolved jointly with the US and Europe. He described the deal as a potential "big success," but clarified that it serves only as a "framework" that could be part of future security agreements, which he hopes to discuss with Trump.
CNN reported that the US and Ukraine agreed on the deal's terms, with Zelensky expected to visit Washington, DC soon, according to a Ukrainian official. The full text of the deal outlines plans for a jointly managed "Reconstruction Investment Fund." Under this agreement, Ukraine will contribute 50% of all revenues from the future monetization of state-owned natural resources, including hydrocarbons, oil, natural gas, and rare earth minerals.
Importantly, these future revenue sources do not include existing revenues that are already part of Ukraine's general budget. The fund aims to "attract investments to increase the development, processing, and monetization of all public and private Ukrainian assets," focusing on the oil, gas, and rare earth sectors. Representatives from both the United States and Ukraine will manage the fund, with more detailed governance terms to be negotiated in a future agreement.
Reports of Kyiv potentially granting Washington access to Ukraine’s natural resources have unsettled many Ukrainians. The Trump administration has been vague about what it will offer in return. Oleksandra Zdorenko, a Ukrainian pensioner, expressed outrage at the initial US proposal demanding a $500 billion share of Ukraine’s minerals, which Zelensky rejected. Zdorenko stated, "I fully trust our government and our president. So much has already been done for Ukraine that they will not do anything to harm it now."
Ukrainian Prime Minister Denys Shmyhal assured that Zelensky would not sign any agreements that disregard Ukraine's interests, emphasizing that the draft lays the foundation for Ukraine’s "future recovery."
Zelensky also stated that Ukraine will not repay the money given by the US as part of the natural resources deal, asserting, "I will not accept even 10 cents of debt repayment in this deal. Otherwise, it will be a precedent." Trump previously claimed he is "trying to get the money back" given to Ukraine by the Biden administration, inaccurately stating the amount as $350 billion since February 2022, while the actual figure is around $120 billion, according to the Kiel Institute for the World Economy.
Trump also falsely claimed European support for Ukraine was "in the form of a loan," prompting French President Emmanuel Macron to correct him, stating, "We paid 60% of the total effort. It was like the US: loans, guarantees, grants." Zelensky reiterated Ukraine's gratitude for US support but mentioned that he will ask Trump directly about the future of US aid, suggesting that frozen Russian assets could be used to fund potential arms purchases from the US.
