A minerals deal proposed by US President Donald Trump would give America unprecedented control over Ukraine's natural resources without offering security guarantees against future Russian invasions.
The deal would hand the US control of Ukraine's mineral wealth and infrastructure linked to natural resources.
The arrangement would be unparalleled in modern diplomacy, allowing America to veto sales to certain countries, including China, and restrict sales to Europe.
The proposal emerged following US meetings with Russian and Ukrainian delegations in Saudi Arabia earlier this month.
The proposal emerged following US meetings with Russian and Ukrainian delegations in Saudi Arabia earlier this month
REUTERSThe proposed deal would establish a United States-Ukraine Reconstruction Investment Fund to control Ukraine's natural resources, including critical minerals and natural gas.
Three of the five board members would be appointed by the US, giving America effective control of the fund. The US would also maintain first right of refusal on all projects.
Additionally, America would have the power to examine the books and accounts of any Ukrainian ministry or agency at will.
Despite these extensive controls over Ukraine's resources, the agreement notably lacks any security guarantees for Ukraine in the event of future Russian aggression.
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Alan Riley, an expert on energy law at the Atlantic Council, described the document as unlike anything he has ever seen before.
"There are no guarantees, no defence clauses, the US puts up nothing," he told the Telegraph.
Riley also suggested the deal could be incompatible with Ukraine's aspirations for EU membership.
"It is not compatible with EU membership, and perhaps that is part of the purpose. I have to wonder whether the real intention might not be to force Zelensky to reject it," he said.
The minerals deal is running parallel with discussions between Russia and America about restoring West Siberian gas flows to Europe.
These gas supplies would flow through Ukraine's network initially, and later via the Baltic once the damaged Nord Stream pipelines are repaired.
This development comes shortly after the White House announced a Black Sea ceasefire agreement between Ukraine and Russia, aiming to ensure safe navigation and implementing a ban on attacks against each other's energy facilities.
The agreement represents the most significant move toward a wider ceasefire that the Trump administration views as progress toward ending the war.
Putin reportedly rejected Trump's proposal for a full 30-day ceasefire, which Ukraine had previously endorsed
GETTYBoth countries have agreed to rely on the US to enforce these deals.
Ukrainian President Volodymyr Zelensky has expressed concerns about enforcement, stating: "If the Russians violate this, then I have a direct question for President Trump. If they violate, here is the evidence - we ask for sanctions, we ask for weapons, etc."
Russian Foreign Minister Sergei Lavrov emphasised the need for guarantees, saying: "We will need clear guarantees.
"And given the sad experience of agreements with just Kyiv, the guarantees can only be the result of an order from Washington to Zelensky and his team."
The talks followed separate phone calls between Trump and both Zelensky and Putin.
Putin reportedly rejected Trump's proposal for a full 30-day ceasefire, which Ukraine had previously endorsed.
Under the agreement with Moscow, Washington promised to help restore Russian access to markets for agricultural and fertiliser exports.
