The United States government under President Donald Trump is seeking new terms for US access to Ukraine’s critical minerals and energy assets while offering Kyiv no security guarantees in return.

According to The Financial Times, under the proposed deal sent to Kyiv, the Trump administration is reportedly demanding that Ukraine and the US establish a supervisory board to oversee a joint investment fund, which would split the income from Ukraine’s oil, gas, and mineral projects between both countries.

The US would appoint three of the five board members, giving Washington DC full veto power over the fund.

Additionally, the US would receive royalties from the fund before Ukraine.

Last month, the US and Ukraine agreed on terms for a critical minerals deal.

Trump views the minerals agreement with Ukraine as a fair way to recoup the billions of dollars the US has provided to Kyiv in weapons and financial support amid the country’s war with Russia.

Trump seeks new deal on Ukraine’s critical minerals without offering security guarantees