uCryan officials are trapped in talks with the US, which is dizzy, even by Donald Trump’s standards. He and his team are demanding Ukrainian signing for profits from mining, ports and other industries in return for support from Uncle Sam. Speaking in Kiev on February 23, the night he attacked a Russian drone attack in the city, Voldy Mie Zelensky rejected the “unfair” conditions of the latest proposal, saying the agreement would include military support. I insisted. The discussion continues. One question is how badly Ukraine is squeezed when there is a deal. Officials say it’s “a fear tor, not negotiation.” The other is the retribution Trump gives if Ukraine refuses to sign the dotted line. Kiev is growing fear that it could seek to accelerate military support flows, cutoff access to Starlink satellite communications services, or bilateral peace negotiations with Vladimir Putin.
Ukrainian officials say that his encounter with Trump’s team is so confused that he has seen the documentary for clues about his negotiation style. The only clear thing is the level of Maga’s attack. There have been three versions of the deal since February 12th. Something “bad”, something “better” or something “miserable”, something pushed by a spinning cast of interlocutors from Team Trump, some are Wall Street types. The idea began in September with Ukrainians when Zelensky offered to grant mineral rights in exchange for future security support and an invitation to NATO. But Trump has his concept in his mind, claiming that Ukrainian resources and infrastructure are already donating to America.
According to Ukrainian officials, the latest version of the “disastrous” contract requires 50% of future state profits to be transferred from natural resources and infrastructure like ports to new US government-owned investment funds. Masu. The donation continues until the fund reaches $500 million. This is a number that addresses Trump’s much-increasing claims about how much America has spent aiding Ukraine since the start of the war. The current proportion of national income takes hundreds of years. Speaking on the 23rd, Zelensky said on the latest terms that the fund looked like a way to repay debt, not an encouragement to invest. And he would not accept the debt, he said: American aid was provided as a grant by Joe Biden. A Ukraine official said, “If we sign this, tomorrow we will step down and be lynched by an angry mob.”
Trump’s team has been dialing pressure for several weeks. Treasury Secretary Scott Bescent gave Zelensky an hour to present his first “bad” proposal in Kiev on February 12th and signed him. Zelensky wanted more time. The “better” deal was then announced at the Munich Security Council a week ago by Ukraine’s special representative Keith Kellogg and his vice-president JD Vance. Like the first offer, it did not include a commitment to help Ukraine in the defense of the country, except for provisions that protect the actual resources extracted. However, a source from the Ukrainian government said, “There was no similar clear attempt to portray this as an imaginary debt payment.” Ukraine then offered a counter-proposition. However, on February 20th, I was unsure that I would receive another “disastrous” draft. This process had been carried over to newly established Secretary of Commerce, Howard Lutnick. Ignoring all previous negotiations, Ukraine was told and used to the idea of transferring resources in almost concrete in return. Take it or leave it and lose the war.
The Ukrainians have denied the discussion. But of the three American negotiation teams, which of the teams they are supposed to be talking about, is not always clear. The Ukrainians had argued that the US Treasury was responsible for Mr. Lutnick’s version being laid out. They worry that accepting Mr. Lutnick’s version could lead to alienation for Mr. Vance and would prefer to return to the more impartial Kellogg Vance draft. “At the time, we had genuine productive discussions and moved towards an agreement.”
Another problem is that there is fundamental clarity about the purpose of the fund. For example, writing in the Financial Times on February 22nd, Bessent claimed that he would only charge government revenues and fund long-term reconstruction. It was an “economic partnership” that benefited both countries, prevented the enemy from profiting from the building boom, and encouraged postwar growth. However, Ukrainian officials argue that while the latest version will keep money domestically, the US will claim ownership of both assets and investments.
Similarly, the amounts discussed in the latest round of talks make no sense. The US has said military and economic aid has reached $500 million so far. In fact, Uncle Sam transferred less than a quarter of that amount with weapons and direct budget support. The Trump team has yet to provide an explanation of the $500 million figure and may have invented it to please the boss. In any case, that would be a huge burden for a small, poor country that exceeds double the total GDP of Ukraine. Zelensky argues that in return for giving away the wealth of minerals, there is something concrete needed. “I can’t defend Ukraine and sell our country,” he said on February 19th.
One theory is that Lutnick’s draft draft has become more punitive as a punishment for not becoming a cave anytime soon. The Ukrainian pushback has irritated the US president. “When we saw that we didn’t sign Vance and Kellogg, he sent a very long man. An implicit threat was made and the tone was loved. “The American said: This is. is a love deal. We take care of you, but you don’t want to get in trouble.”
Trump may respond with anger to Zelensky’s refusal to his term on February 23rd. The Trump administration fears that it could rely on crude leverage sources, including blocking access to Elon Musk’s Starlink satellite, the lifeline of Ukraine’s frontline communications. Such drastic actions may leave Ukraine with little choice other than signing an unpopular deal. A senior Ukrainian official said negotiations were “rude” but “not the worst possible event.” “Everything else that happens later will get worse.” ■
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