A new draft of the proposed US-Ukraine minerals deal has drawn criticism in Kyiv as the new demands are even harsher than the previous three versions.

The deal was suspended following a meeting between Ukrainian President Volodymyr Zelenskiy and US President Donald Trump that descended into a shouting match on February 28.

Zelenskiy has yet to comment on the terms proposed in the new deal, but Bankova (Ukraine’s equivalent of the Kremlin) has said that the control or ownership of Ukraine’s Zaporizhzhia nuclear power plant (ZNPP) discussed by Trump is not a part of the new deal.

This week the Kremlin claimed ZNPP, the largest NPP in Europe, belongs to Russia and will remain under its control.

The previous deal called for Ukraine to give up half of all revenues from its natural resources and was compared to a demand for reparations “worse than Versailles”. The new deal reportedly goes well beyond the previous demands.

The new minerals deal comes only days after the US brokered a new Black Sea grain deal in Riyadh on March 25 that gives Russia significant concessions, including mooted sanctions relief on some Russian banks. European leaders met in Paris on March 27 and said the EU would not lift any sanctions on Russia, but would endeavor to tighten them. Trump is increasingly being criticised for being overly hard on Ukraine and soft on Russia in the ongoing ceasefire talks.

Ukrainian officials have expressed concerns over the terms of the deal, which appears to heavily favour American interests, while providing little security or economic guarantee for Ukraine.

The deal provides for Washington's full control over future investments in infrastructure and mineral extraction in Ukraine by both state and private actors.

According to the text, the United States will receive the "right of first offer" to participate in all significant projects – from the construction of roads and ports to the extraction of gas, oil and critical mineral resources. That would also give the American side the opportunity to block the participation of other partners of Ukraine and could undermine the prospects for the country's European integration.

The draft also envisages the creation of an investment fund managed by the US International Development Finance Corporation (DFC) managed by a five-member board, with three representatives appointed by the US and only two by Ukraine. IN addition the US would  have a “golden share,” and veto power on key decisions. The US retains executive control of the fund and Ukraine’s two representatives would not be able to interfere in the fund’s day-to-day operations.

All resource revenues across Ukrainian territory, including areas under Russian occupation, are to be converted into dollars and wired abroad to accounts controlled by the fund. Private companies, such as DTEK, are not exempt from this provision.

Half of all revenues from new infrastructure and resource projects will be directed to this fund. The US will have priority rights to return investments with profit and an additional 4% per annum until it recoups all the assistance provided since the beginning of Russia's special operation in Ukraine. Kyiv can only withdraw money from the fund after the US has been fully compensated.

The deal grants the US first purchasing rights over any extracted resources, whether from state or private entities. Infrastructure projects within Ukraine must also be offered to the fund first before any other investors can be considered, although the language remains unclear about whether this restriction applies to private-sector initiatives, Tymofiy Mylovanov, rector of the Kyiv School of Economics (KSE) and former economics minister, said in a post on social media.

In addition, the deal prohibits Kyiv from selling strategic resources to countries that Washington considers its geopolitical competitors, and gives the US priority in purchasing Ukrainian minerals and energy resources.

The agreement also limits Kyiv's freedom to transfer projects rejected by the American side to other investors – for at least one year. Ukraine is expected to submit its comments on the project in the coming days.

One of the clauses that Kyiv found particularly offensive would give the DFC fund inspection rights to “examine books and records, including relevant financial and operation records.. to confirm compliance,” without restrictions. That includes to the right to inspect the books and have full access to the confidential financial information of privately owned companies, some of which are publicly traded companies.

The new draft agreement includes the management of all minerals, including oil and gas, throughout the country, Verkhovna Rada deputy Yaroslav Zheleznyak reported on his Telegram channel. He noted that the agreement is indefinite and does not contain security guarantees.

“The US says it’s already paid in – $100bn since 2022. Ukraine must contribute future royalties and profits from gas, oil, minerals and more. The agreement is open-ended. Only the US can walk away,” Zhelezniak said.

“This isn’t a partnership. It’s full leverage and financial control of Ukraine,” Zhelezniak warned.