The revised mineral agreement between Ukraine and the US does not give Washington full ownership of the joint fund, but also does not include any clear security guarantees, according to Ukraineskaya Pravda.
Agreement content
The February 24 agreement reached by Economicchna Pravda revealed many important changes compared to the original proposal.
The deal will be signed by Ukrainian Foreign Minister Andrii Sybiha and US Secretary Marco Rubio.
According to the new content, the two countries will establish an Investment Rehabilitation Fund.
A noteworthy point is that the provision of giving the US 100% control of the commercial fund has been removed. Instead, the US will keep the maximum capital ratio as allowed by the law of this country.
Fund ownership will be divided based on the actual contribution of each party, with a co-management mechanism. However, the US still has the right to make decisions within the framework of US law.
A newly added clause stipulates that Ukraine and the US are not allowed to sell or transfer shares in the fund without the written consent of the partner.
How the fund operates
The fund will receive 50% of its revenue from Ukraine's natural resources, including related ports and infrastructure, including indirect state-owned assets. The entire amount will be reinvested in the Ukrainian economy.
The contributions to the fund will not be taken from the national budget but will have a separate mechanism, which will be agreed upon later.
The fund also has the right to decide on the payment for new projects implemented by the Ukrainian government.
According to the agreement, the fund will reinvest in the Ukrainian economy at least once a year to promote security and growth.
Major changes in the new agreement
The new version of the agreement removes the clause of a commitment to double investment capital in Ukraine for each US dollar contributed.
The clause targeting the restoration of Ukraine's GDP to the level of 2021 was also removed.
The regulation allowing an increase in the proportion of revenue from resources in facilities currently controlled by Russia after being released no longer appears in the document.
Another major change is the lifting of the requirement for Ukraine to contribute to the fund until it reaches $500 billion.
The clause of adding all US financial aid to Ukraine's obligations to the fund has also been removed.
US financial commitments
The US has pledged to provide financial support to Ukraine, but the specific amount will be determined later.
However, the deal does not include any security guarantees, which President Volodymyr Zelensky has affirmed as a key factor.
To avoid conflicts of interest, the agreement will not affect Ukraine's existing international commitments or its access to the EU.
Immediately after the deal is signed, Ukraine and the US will start drafting a separate document to establish a detailed legal framework for the fund. The Ukrainian Ministry of Economy will be responsible for preparing the deal.
The US needs minerals, Ukraine needs security
On February 13, US Treasury Secretary Scott Bessent visited Kiev to discuss economic cooperation. At the time, President Zelensky confirmed that the US had presented the first draft of the partnership agreement, which included investment in Ukrainian minerals in exchange for future support.
The media revealed that the Trump administration has proposed owning 50% of Ukraine's rare earth resources, but Zelensky has refused to sign.
On February 15, Mr Zelensky stressed that Ukraine did not completely reject the agreement, but needed to revise the document.
The old version of the deal proposes a trade fund 100% controlled by the US, while Ukraine only contributes capital.
President Zelensky has said he will not sign if the deal leaves Ukraine with a $500 billion debt to the US and insists the presence of US businesses is not a matter of security.
