President Donald Trump has been browbeating Ukrainian President Volodymyr Zelenskyy into signing a “breakthrough agreement” that would give the U.S. access to his country’s minerals, oil and natural gas.
Both nations have agreed to the deal in concept: Ukraine would deposit 50% of the revenues earned from future investments in government-owned natural resources into a jointly controlled fund. But the framework agreement does not currently include security guarantees that have been insisted on by Ukraine.
A battle of wills is expected to ensue between the leaders on Friday, when Zelenskyy gets his first-ever, sit-down in the Oval Office with Trump. In one chair, Zelenskyy, who has forcefully advocated for firm guarantees of American military support. In the other, Trump, who wants Ukraine to repay the U.S. for its previous contributions. First, a mineral deal signing, Trump has said. Then, a discussion about potential U.S. military support for Kyiv could take place. That conversation would come later in the context of talks with Russia to bring its yearslong assault on Ukraine to an end.
He said Thursday that the presence of American workers in Ukraine would be the backstop against future Russian aggression. “I don’t think anybody’s going to play around if we’re there with a lot of workers,” Trump said.
The agreement to establish a jointly owned venture would be the start of a complicated process. Ukraine’s infrastructure would need to be rebuilt, and private companies would have to agree to open mines, experts say. The U.S. may not see proceeds from the deal for up to two decades.
