Telegraph obtained a draft agreement proposed by the U.S. to Zelensky, covering fossil fuels, ports, and a significant portion of resources.

The Telegraph reports this, referencing a document dated February 7, 2025.

The document states that the United States should receive 50% of Ukraine's revenue from its own resource extraction. Furthermore, if Ukraine were to issue new licenses for resource use to "third parties," half of the income from these licenses should also belong to the U.S. They were to be seized for the benefit of the U.S.

Additionally, the U.S. and Ukraine are to establish a joint investment fund to ensure that "hostile parties in the conflict do not benefit from the reconstruction of Ukraine." This fund would have exclusive rights to determine the methods, conditions, timelines, and selection criteria for all future licenses and projects related to Ukrainian resources.

The publication notes that this would grant Washington almost complete control over a significant portion of Ukraine's raw materials economy. If Ukraine were to agree to Trump's demands, they would represent a substantial portion of Ukraine's GDP and exceed the reparations imposed on Germany after World War II, according to the journalists.

They suggest that the Ukrainian president did not expect to receive a draft agreement with terms typically imposed on aggressor states following defeat in war.

More about the agreement

Donald Trump announced his desire to conclude an agreement with Kyiv under which Ukraine would supply the United States with rare earth minerals necessary for electronics in exchange for American aid.

Zelensky stated that Ukraine is open to American investments. He mentioned that he had already discussed this with the American president in September 2024 and also included this in his Victory Plan as one of the points.

According to media reports, the U.S. wants to gain rights to 50% of the mineral reserves in Ukraine. Zelensky emphasized that Kyiv does not intend to "give away" its minerals to the U.S. but instead proposes a mutually beneficial partnership. Additionally, Ukraine seeks security guarantees from the U.S. within the framework of this agreement.

As reported by the Washington Post, referencing Ukrainian officials, Kyiv received the proposed U.S. agreement on minerals just four hours before the meeting between U.S. Treasury Secretary Scott Bessent and Zelensky on February 12. The President had "only a few minutes" to read it.

At this meeting, the U.S. Treasury Secretary "insisted" that Zelensky sign the document immediately. Ultimately, Ukraine informed the Trump administration that it could not sign Washington's proposals, but the Ukrainians continue to consider alternatives.

The proposals were further discussed on February 14, when Zelensky met with U.S. Vice President Jay D. Vance and Secretary of State Marco Rubio in Munich. According to WP, the meeting was postponed for several hours due to Rubio's plane malfunctioning, which required a turnaround. This bought the Ukrainians time to formulate a counter-proposal.

Meanwhile, Ukrainian media reported that the meeting between Zelensky and Jay D. Vance was postponed after Ukraine submitted a revised agreement on rare earth resources to the U.S., and Washington requested time to review it.

In the end, Ukraine informed the Trump administration that it could not sign Washington's proposals, but the Ukrainians continue to consider alternatives.