Ukrainian President Volodymyr Zelenskiy has previously ruled out the possibility that military aid provided by the US would count as debt. He reiterated on Friday that the deal must not undermine his country’s path to the European Union, as gaining membership in the bloc is in Ukraine’s Constitution.
(March 29): Ukraine will ask for changes to a sweeping new economic deal proposed by US President Donald Trump, including a pledge for more US investments, according to a person familiar with the matter.
A draft proposal seen by Bloomberg News would grant Washington control over all major future infrastructure and mineral investments in the war-torn country — and with no time limit attached. Kyiv is concerned that the deal may not only undermine its bid to join the European Union (EU), but would require it to repay all US military and economic support provided since the start of the war.
Ukrainian officials on Friday held a video call with their US counterparts, including legal experts, to seek clarification about the nearly 60-page draft agreement, according to the person, who spoke on the condition of anonymity as the talks were private.
The Americans didn’t push back against concerns raised by Kyiv, especially about the proposal’s potential conflict with the country’s EU membership goals, the person said. This suggests Washington may be open to discussing changes, according to the person.
Officials with the White House, National Security Council and Treasury didn’t immediately respond to requests for comment outside of normal business hours.
If accepted, the partnership agreement would give the US effective control over investment decisions covering large parts of Ukraine’s economy, including mining, oil and gas, and the extraction of critical minerals, as well as ports, roads and railways.
The US would also gain the first claim on profits transferred into a special reconstruction investment fund that would be controlled by Washington. Crucially, it states that the US regards the “material and financial benefits” provided to Ukraine since Russia’s full-scale invasion in February 2022 as its contribution to that fund.
Ukrainian officials expressed concerns about this part of the proposal during Friday’s call, the person said. President Volodymyr Zelenskiy had previously ruled out the possibility that military aid provided by the US would count as debt. He reiterated on Friday that the deal must not undermine his country's path to the EU, as gaining membership in the bloc is in Ukraine’s Constitution.
Much work remains to be done before Kyiv sends its final proposals for amendments, the person said. The draft, which contains no security guarantees for Ukraine, has faced harsh criticism from several Ukrainian opposition lawmakers.
First Deputy Prime Minister and Economy Minister Yulia Svyrydenko on Friday called for an end to “public discussions” on the proposal, warning that this could harm the talks. Ukraine wants to maintain “a constructive dialogue” with US partners, she wrote on Facebook.
The discussions come at a particularly sensitive moment for Ukraine, after last month’s heated Oval Office exchange between Zelenskiy, Trump and US Vice President JD Vance derailed the previous deal, the contours of which were more abstract.
The US administration has also turned up the pressure on Kyiv in talks to end to the three-year war, while its increasingly favourable stance towards Moscow has alarmed European allies.
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