Ukrainian officials find themselves in tense negotiations with the Trump administration, which is presenting terms that some describe as “extortionate.”
Former President Donald Trump and his team are demanding that Ukraine cede profits from its mining, ports, and other industries in exchange for U.S. support. Recently, Ukrainian President Volodymyr Zelensky rejected what he termed the “unfair” conditions of the latest proposal, insisting that any agreement must include military assistance.
As discussions continue, concerns are mounting in Kiev about the potential repercussions if Ukraine refuses to comply. Some officials fear that Trump may retaliate by cutting military aid, restricting access to vital satellite communications like Starlink, or even accelerating peace talks with Russian President Vladimir Putin.
Since February 12, three iterations of a deal have emerged: a “bad” proposal, a “better” one, and a “disastrous” version pushed by various members of Trump’s team. The original concept was proposed by Zelensky in September, who suggested granting mineral rights in exchange for security assistance and an invitation to NATO. However, Trump has reversed this idea, demanding that Ukraine’s resources and infrastructure be used as compensation for aid already provided by the U.S.
The latest “disastrous” proposal reportedly requires Ukraine to transfer 50% of future state profits from natural resources and infrastructure to a new investment fund controlled by the U.S. government. This fund is expected to reach $500 billion—a figure that aligns with Trump’s claims regarding U.S. aid to Ukraine since the conflict began. Given current state income levels, this arrangement could take centuries to fulfill. Zelensky stated that under these terms, the fund appeared more like a debt repayment vehicle than an investment opportunity, emphasizing that American aid should be considered a grant rather than a loan.
Trump’s team has intensified pressure on Ukraine over the past few weeks. On February 12, Treasury Secretary Scott Bessent presented the initial “bad” proposal to Zelensky in Kiev, offering him just an hour to sign it. When Zelensky requested more time, a “better” deal was introduced at the Munich Security Conference a week later by Keith Kellogg, Trump’s special representative for Ukraine, and J.D. Vance, his vice president. However, this proposal also lacked any commitment to support Ukraine’s defense beyond protecting extracted resources.
Following Ukraine’s counter-proposal, the situation took a turn on February 20 when they were presented with the “disastrous” draft by newly appointed Commerce Secretary Howard Lutnick. Ukraine was instructed to disregard previous negotiations and accept terms that offered little tangible benefit in return for their resources—essentially a “take it or lose the war” ultimatum.
Trump’s reaction to Zelensky’s rejection of his terms on February 23 is anticipated to be furious. Ukrainian officials worry that the administration may resort to more drastic measures, such as cutting off access to Starlink satellites, which are crucial for frontline communications. Such actions could force Ukraine into an unfavorable agreement. One senior Ukrainian official remarked that while the negotiation process is “rude,” it could lead to outcomes that are even worse down the line.
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