The fine print of the Ukraine-US deal: Washington will manage the country's economy

The agreement between Ukraine and the United States has been leaked. It is expected to be signed in Washington next Friday. Zelensky will be the one to sign it, despite the discredit that Donald Trump has caused him by calling him a "dictator." The agreement contains a small print in which it is established that the United States will manage part of the Ukrainian economy, strengthening control over the discoveries of rare earths that may appear on Ukrainian territory. All this is happening while the EU is waiting to see what happens in the negotiations, since the American president has left Brussels out, for the moment.

According to the document, both countries will create a sovereign wealth fund, with Washington owning the maximum percentage of the fund's capital and financial interests. In this case, Ukraine will have to put into this vehicle 50% of all the income it obtains from the "future" monetization of its natural resources that belong to the government.

These products include minerals, hydrocarbons, oil, natural gas and other extractable materials. The fund will also manage the infrastructure related to these assets "such as liquefied natural gas and port infrastructure."

However, the clause states that "current sources of income that are already part of the revenues of the general budget of Ukraine" will not be included in this fund.

This means that, after the signing of this agreement, the United States will be responsible for the extraction of any new natural resources found on Ukrainian soil and the profits that this generates.

The document also clarifies that "contributions made to the fund will be reinvested in Ukraine at least annually to promote the safety, security and prosperity of Ukraine," but the conditions "will be defined later."

Contrary to usual practice, Ukrainian President Volodymyr Zelensky has delegated to his Prime Minister Denis Shmigal the explanations of the details of the agreement that he will sign on Friday. The members of the Executive in charge of negotiating the agreement have assessed it in a "very positive" way and speak of "more favourable" terms than those initially offered by the US.

Zelensky himself welcomed the final version of the document, which President Donald Trump said at a press conference on Tuesday: "I think he's coming to sign it this Friday, right?"

The previous draft stipulated that Ukraine should contribute 500 billion dollars by signing this agreement. This sum exceeds the reparations imposed on Germany after the First World War (having been the culprit of the conflict, while Ukraine was the invader) and is almost five times higher than the aid that Washington has granted to Kiev so far in terms of military support ( 114 billion euros ). Even so, the President of the United States said that through this fund, Ukraine will return "the 350 billion that we have allocated to help Ukraine in the war."

Both sides also pledge to work to "avoid conflicts" with Ukraine's obligations under its accession to the European Union.

Zelensky also explained that the operation of this investment fund will be specified in the agreements that will be signed later on the basis of this already agreed document. In this regard, the president's aspiration is to obtain a written commitment from the US to continue providing military and security support to Ukraine.

The agreement states that the United States "supports Ukraine's efforts to obtain the security guarantees necessary to establish a lasting peace. The participants will seek to determine the measures necessary to protect mutual investments."

The US administration also said that establishing an economic link between kyiv and Washington would activate a de facto security shield, but Zelensky wants it in writing.

Now, it is up to the Ukrainian parliament to ratify the agreement "in accordance with the Law of Ukraine" on international treaties.