Trump now wants Ukraine’s minerals and even a gas pipeline — but offers no security guarantees

The Trump administration has reportedly pushed for access to Ukraine’s mineral wealth in a draft proposal that significantly expands on previous versions, according to a Reuters report.

The latest draft would grant the U.S. privileged access to Ukraine’s vast mineral deposits — including valuable rare earth elements — and require Kyiv to deposit all revenues generated from the exploitation of these resources, by both state-owned and private firms, into a joint investment fund.

However, the proposed deal notably omits any U.S. security guarantees for Ukraine — a key priority for Ukrainian President Volodymyr Zelenskiy as the country continues its fight against Russian forces occupying roughly 20% of its territory.

One notable clause in the draft, described as an “Easter egg” by a source, includes a U.S. demand that the International Development Finance Corporation — a U.S. government agency — take control of a major natural gas pipeline operated by Russia’s Gazprom that runs through Ukraine to Europe.

According to Reuters, the atmosphere surrounding the negotiations has been tense. One source described the draft as “maximalist” and noted the talks were marked by a highly antagonistic tone.

A spokesperson for the U.S. Treasury Department confirmed that discussions are ongoing, characterizing them as “technical in nature.”

In response, the Ukrainian government has retained international law firm Hogan Lovells as an external adviser on the minerals deal, according to sources familiar with the matter.

Speaking on Wednesday, President Zelenskiy emphasized that any minerals agreement must be mutually beneficial and contribute to Ukraine’s modernization efforts.

Top Ukrainian officials — including Prime Minister Denys Shmyhal and Finance Minister Serhiy Marchenko — are scheduled to travel to Washington in two weeks for the IMF and World Bank spring meetings. A Ukraine-focused ministers' session is set to take place on April 25.

Trump is reportedly pursuing this minerals-focused agreement as part of a broader effort to reshape the U.S. approach to the war and secure economic leverage in the region.