CNN has obtained a draft of the U.S.-Ukraine mineral agreement, which proposes a jointly-managed fund but raises concerns over resource control and repayment terms. Nick Paton Walsh reports on the deal and how it has changed from its original version.

Washington

Russian forces have invaded Ukraine from land, air and sea with strikes causing widespread damage. Global leaders have condemned the move and imposed sanctions.

Ukraine Invasion

The U.S.-Ukraine minerals agreement is currently under negotiation, and both sides are working towards a mutually acceptable text. Recently, U.S. President Donald Trump accused Ukraine's President Volodymyr Zelensky of trying to back out of a rare-earth minerals deal. Ukraine's foreign ministry, however, alleges that the terms are being altered by the U.S., which has led to concerns surrounding resource control and repayment conditions.

CNN has obtained a draft copy of the revised U.S.-Ukraine minerals agreement. This new document, said to have been prepared by the U.S. Treasury Department, is significantly more detailed than its predecessor. It proposes a jointly managed fund to oversee mineral wealth within Ukraine, with governance skewed in favor of the U.S. The document suggests that previous aid to Ukraine should be repaid and doesn't explicitly mention specific locations of interest, yet large portions of Ukraine’s infrastructure and mineral resources, even including oil and gas, are involved. The board controlling the fund is predominantly American, which raises sovereignty and control issues for Ukraine.

Meanwhile, President Trump has also issued warnings towards Russia, threatening to impose secondary tariffs on Russian oil as part of efforts to end the ongoing conflict in Ukraine. This comes amid changing diplomatic rhetoric from Trump, who expressed frustration over Russian President Vladimir Putin's lack of cooperation in peace efforts. Trump indicated the possibility of extraordinary tariffs on countries like India and China if they continue purchasing Russian oil, further complicating the geopolitical situation.



Trump: Ukraine trying to back out of minerals deal

Ukraine's foreign ministry says both sides are working to reach a mutually acceptable text for signing after US President Trump accused Ukraine's president of trying to back out of a rare-earth minerals deal. Mr. Trump said President Zelensky would face big problems if he doesn't sign. Ukraine says the US has been changing the terms. Meantime Mr. Trump is also warning Russia threatening to impose secondary tariffs on Russian oil unless POSCO makes a deal to end the war in Ukraine. Over the weekend the US president said he was quote pissed off by Vladimir Putin's lack of cooperation although he struck a more conciliatory tone on Monday. I want to see him make a deal so that we stop Russian soldiers and Ukrainian soldiers and other people from being killed. I want to make sure that he follows through and I think he will. I don't want to go secondary tariffs on his oil but I think you know it's something I would do if I thought he wasn't doing the job. Our Chief International Security Correspondent Nick Pate-Morse joins me now and Nick just before we get to comments made by Donald Trump there I want to ask you or point out a fact which was that last night there were actually no reported drone attacks on Ukraine by Russia which is I think the first time in a few months we've had a scenario like that. In light of recent events can we read anything into that? Really dangerous to read things into it potentially I mean I think that this may be a sign if you're being most generous towards the Kremlin that ahead of the likely phone call that Donald Trump is going to have with Vladimir Putin that maybe they want to show that this is what a potential ceasefire might look like that they're capable but still two ballistic missiles were fired during that night as well so it wasn't entirely quiet they were both shot down by Ukraine. The last time something like this happened was October November this might simply be a technical reason where perhaps the drones need a refit or shifts change etc or other reasons outside of our knowledge doesn't look like they're running out of drones they seem to make quite a lot themselves but it's a sign maybe that perhaps Moscow want to send a signal. On the raw minerals deal CNN has actually obtained a copy of the new proposal for the agreement which was put forward by the US Treasury Department talk to us about how it differs what the changes are here. It's a completely different document than the framework that we saw just about a month ago now that framework was incredibly short and kind of toothless really it said Ukraine would like to do this we want to create a fund we want everyone to be on the same page and help each other rebuild Ukraine and the US to get what it wants out of that. This new document is 55 pages and it reads frankly like it's written by commercial lawyers I think it was and is registered out of Delaware a state known for US corporate interests being serviced there so there's a lot there that's quite hard to penetrate it certainly seemed overwhelmingly in the US's interests it doesn't specify specific places but essentially says large parts of Ukraine's infrastructure and mineral wealth even oil and gas are potentially on the table here talks about previous aid being given to Ukraine being repaid and also how this will be controlled by a board of five three Americans and two Ukrainians so it is overwhelmingly it seems in United States's interests it harks way back to the original terms first floated I think by the US Treasury Secretary in his visit to Kiev and I think it's clear from reading it this isn't something if you're a Ukrainian parliamentarian or president they don't want to really put your name to in a hurry. Yeah well Zelensky is saying it needs more work in more negotiation meanwhile President Trump has been talking about imposing secondary tariffs on Russia have the Kremlin had any response to these threats? Yeah I mean this change in Trump's tone and clearly he's feeling the heat here because he came to power thinking this was a matter of days or hours which he could fix the largest land war in Europe since the 40s it was never going to be that simple and now he's seeing that basically Vladimir Putin has been playing him along for a number of weeks and isn't clearly interested in the peace that Donald Trump so urgently seems to want that's what most European leaders have been saying and analysts too so it comes as no surprise but what is surprising I think is Trump feels the pressure openly he's also suggesting that Ukraine could be in trouble if it doesn't sign the rare-earths mineral deal but I think we're seeing a Russian sorry an American president here acutely aware of the fact that things are not moving with the speed he'd like and the idea of secondary tariffs well he's really talking about hitting India and China with extraordinary tariffs if they still buy Russian oil they're the main customers it's a threat it's a kind of a nuclear option forgive the metaphor there to some degree but it shows certainly there's a lot resting on this future call

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Ukraine Invasion