The US is pushing to control all major future infrastructure and mineral investments in Ukraine, potentially gaining a veto over any role for Kyiv’s other allies and undermining its bid for European Union membership.
President Trump’s administration is demanding the “right of first offer” on investments in all infrastructure and natural resources projects under a revised partnership deal with Ukraine, according to a draft of the document obtained by Bloomberg News. The agreement would grant the US first claim on profits transferred into a special reconstruction investment fund controlled by Washington, significantly expanding American economic influence in Europe.
Under the proposed terms, the US International Development Finance Corporation (DFC) would control the investment fund by appointing three of five board members and holding a “golden share” with special voting rights to block certain decisions. Ukraine would name the other two and be prevented from intervening in the fund’s daily operations. Kyiv would also be required to allocate 50% of its earnings from all new natural resources and infrastructure projects to the fund.
A crucial clause states that the US considers the “material and financial benefits” it has provided Ukraine since Russia’s full-scale invasion in 2022 as its contribution to the fund. In effect, this would mean Ukraine would have to repay all US military and economic aid before receiving any income from the partnership. Additionally, the US would have exclusive rights to purchase Ukraine’s metals, minerals, and oil and gas ahead of other buyers on commercial terms, regardless of whether the fund was financing the project.
Kyiv would be obligated to present all projects to the fund for review “as early as practicable,” with the DFC gaining board seats or oversight on all funded programs. If a project were rejected, Ukraine would be barred from offering it to other parties with “materially better” terms for at least one year. The deal, which has no time limit, also prohibits Ukraine from selling critical minerals to countries that are considered “strategic competitors” of the US.
