American and Ukrainian officials met on Friday to discuss a U.S. proposal to gain access to Ukraine’s mineral resources, said a source close to the talks, adding that the chances of an agreement are low due to the „antagonistic” atmosphere in which the meeting took place.
Tensions in the negotiations in Washington stem from the latest proposal by the Trump administration, which is broader than the initial version, Reuters reports.
"The negotiating environment is very antagonistic," the source said, noting the "maximalist" nature of the project presented last month by the American side.
A spokesperson for the U.S. Treasury Department confirmed the discussions, describing them as "technical in nature."
According to the revised project, the U.S. would receive privileged access to Ukraine's mineral deposits, and Kyiv would be required to place all revenues from the exploitation of natural resources, both by state and private companies, into a common investment fund.
However, the proposal does not include security guarantees for Ukraine, a major priority for President Volodymyr Zelensky in the context of the conflict with Russia, which currently occupies about 20% of Ukrainian territory.
Easter egg hidden in the document
The source also mentioned that "an Easter egg" hidden in the document is the request for the U.S. government agency International Development Finance Corporation to take control of a natural gas pipeline owned by the Russian giant Gazprom, which crosses Ukraine towards Europe.
The Ukrainian government has engaged the law firm Hogan Lovells to advise the Ukrainian side in this case.
Zelensky stated on Wednesday that an agreement on minerals should be profitable for both countries and could be structured to contribute to the modernization of Ukraine.
High-ranking officials from Ukraine, including Prime Minister Denys Shmyhal and Finance Minister Serhii Marchenko, will be in Washington in two weeks for IMF and World Bank meetings.
A meeting of ministers dedicated to Ukraine is scheduled for April 25, according to several sources familiar with the plans.
American President Donald Trump wants an agreement on Ukraine's mineral resources, including rare earth elements, as part of his efforts to end the war and recover billions of dollars in military aid provided to Kyiv.