Kyiv [Ukraine], March 29: Ukrainian President Volodymyr Zelensky said the country would not accept any mineral exploitation deals that threatened Kyiv's integration with the European Union (EU).
Ukrainian President Zelensky also said on March 28 that it was too early to make an assessment of the expanded mineral agreement proposed by the US. The statement was made a day after details of a new draft of a potential mineral agreement between the US and Ukraine emerged, according to Reuters.
The Ukrainian leader stressed that Ukraine's lawyers would need to review the draft before he could say more about the US offer. He also said Ukraine would not recognize billions of dollars in previous US aid as loans.
Mr Zelensky said the text was "completely different" from an earlier framework agreement he had planned to sign with US President Donald Trump . "There are many things in the new version of the agreement that were not discussed before. In addition, there are also some things that the parties did not agree on before," Mr Zelensky said.
He said he would consider the agreement when there were no relevant legislative threats and that Ukrainian lawyers would compare all versions of the text and make an assessment.
The latest version of the US - proposed deal includes provisions that would give Washington unprecedented control over Kyiv's natural resources through a joint investment fund, the Financial Times reported.
Reuters quoted sources familiar with the matter as saying the latest draft does not provide any security guarantees for Ukraine's future and requires Kyiv to contribute to a common investment fund all income from the use of natural resources managed by state and private enterprises.
According to the draft, the US is also given priority to purchase exploited resources and recover all aid provided to Ukraine from 2022, plus 4% interest per year.
The joint investment fund will be managed by the US International Development Finance Corporation and will have a board of five, including three US appointees and two from Ukraine. The fund will be converted into foreign currency and transferred abroad.
The US had initially planned to sign a mineral deal with Ukraine on February 28, but the process was delayed after a heated argument between President Trump and President Zelensky Zelensky at the White House .
According to the initial version, the agreement would create a common fund, to which Ukraine would contribute 50% of the proceeds from the future exploitation of its resources, including oil and gas and logistics facilities.
The White House described the deal as a mechanism for the US to "recoup" some of the financial aid it has provided to Kyiv since Russia began its military campaign in Ukraine.
Source: Thanh Nien Newspaper
