The Trump administration is pushing to ensure that its commitments to Ukraine in exchange for defense and reconstruction support take precedence over any future trade or investment deals Kyiv might sign with the European Union, the United Kingdom, or other allies. According to a draft agreement obtained by Euronews, Washington seeks to establish a bilateral deal that guarantees Ukraine’s security in return for a share of its mineral wealth, which would override any obligations Kyiv may have toward other allies, including the EU, even if Ukraine joins the bloc in the future.
The US is expected to finalize a bilateral agreement on Wednesday to create a "Reconstruction Investment Fund," according to a source familiar with the proposal. This fund, along with the associated funding agreement, is described as a critical component of the framework for bilateral and multilateral agreements aimed at establishing lasting peace in Ukraine.
The proposed fund would support Ukraine’s defense and reconstruction efforts until its economy recovers to pre-invasion levels, specifically targeting a return to its 2021 economic standing before Russia’s full-scale invasion. Under the terms of the draft agreement, Ukraine would contribute half of the fund’s resources, minus operating expenses. However, for territories currently occupied by Russia that may be liberated in the future, Ukraine’s contribution would increase to two-thirds (66%).
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The draft agreement emphasizes that any funding deal would include provisions to ensure that Ukraine’s obligations to third parties, including potential future agreements, do not interfere with its contributions to the fund or the fund’s operations. Specifically, the document states: “Any obligations in the fund agreement shall be without prejudice to the obligations of Ukraine arising from its participation or entering into any integration unions and/or free trade zones.” This language appears to address concerns about Ukraine’s potential future accession to the EU.
Neither the Ukrainian nor the US government has commented on the draft agreement at the time of publication.
Meanwhile, European leaders have reiterated the importance of Ukraine’s EU membership as a key security guarantee for the country’s future. European Council President Antonio Costa, speaking at a joint press conference in Kyiv with EU leaders and Canadian Prime Minister Justin Trudeau, emphasized that EU accession is crucial for Ukraine’s stability. European Commission President Ursula von der Leyen suggested that Ukraine could join the EU even before 2030.
Ukrainian President Volodymyr Zelenskyy expressed hope for continued US support, stressing the importance of maintaining unity between Europe and the US. He noted that Ukraine’s potential membership in NATO or the EU would significantly enhance its territorial protection. Zelenskyy also confirmed that discussions with Washington on security guarantees are ongoing but declined to disclose specific details, stating, “We will discuss, now it’s not for public because we didn’t make a decision, about the contingents and infrastructure for security guarantees.”
Finnish President Alexander Stubb urged European leaders to take a more active role in shaping Ukraine’s future, warning that Europe risks being sidelined in critical negotiations. Stubb called for a unified European strategy to secure a seat at the negotiation table, stating, “In the past two weeks, when we have seen a shift in the trans-Atlantic partnership... we have to wake up to a new reality.”
As the US moves to solidify its bilateral agreement with Ukraine, the dynamics of international support for Kyiv continue to evolve, with Europe striving to assert its influence in shaping Ukraine’s future.
