'No longer a framework memorandum'. US hands over new version of subsoil agreement to Ukraine

Ukraine could sign a new economic agreement with the United States as early as next week, moving beyond a prior framework memorandum, U.S. Treasury Secretary Scott Bessent announced on Wednesday.

"We have passed along a completed document for the economic partnership (that) is currently being reviewed by Ukrainians, and we hope to go to full discussions and perhaps even get signatures next week," Bessent told Fox News.

However, Yaroslav Zheleznyak, a Ukrainian parliament member who claims to have seen the draft, described it as detrimental to Ukraine’s interests.

"This is no longer a framework memorandum of intent, like before the contentious Oval Office meeting. It’s a big, very specific agreement—and it’s not in our favor," he said.

According to Zheleznyak, the deal establishes an investment fund managed by five people, three of whom are U.S. appointees with veto power.

"The agreement covers all minerals, including oil and gas, both new and existing, across Ukraine, involving state and private companies. Funds would be converted to foreign currency immediately and held abroad. If Ukraine fails to deliver for any reason, it must compensate. The U.S. contribution is defined as aid provided since 2022," the lawmaker revealed.

The fund’s proceeds could be reinvested or withdrawn as dividends at the discretion of the U.S. side, without requiring Ukrainian approval.

He emphasized that the draft lacks "even a hint" of security guarantees for Ukraine.

Zheleznyak noted this is not the final text and suggested that, in its current form, Ukraine’s parliament is unlikely to ratify it.

A previous framework deal on joint mineral extraction, slated for late February, fell apart after a dispute during Ukrainian President Volodymyr Zelenskyy’s U.S. visit.

Ukrainian officials have said they remain open to an agreement.