Quote:If this draft were accepted, Trump’s demands would amount to a higher share of Ukrainian GDP than reparations imposed on Germany at the Versailles Treaty, later whittled down at the London Conference in 1921, and by the Dawes Plan in 1924. At the same time, he seems willing to let Russia off the hook entirely.

Quote:Donald Trump’s demand for a $500bn (£400bn) “payback” from Ukraine goes far beyond US control over the country’s critical minerals. It covers everything from ports and infrastructure to oil and gas, and the larger resource base of the country.

The terms of the contract that landed at Volodymyr Zelensky’s office a week ago amount to the US economic colonisation of Ukraine, in legal perpetuity. It implies a burden of reparations that cannot possibly be achieved. The document has caused consternation and panic in Kyiv.

The Telegraph has obtained a draft of the pre-decisional contract, marked “Privileged & Confidential’ and dated Feb 7 2025. It states that the US and Ukraine should form a joint investment fund to ensure that “hostile parties to the conflict do not benefit from the reconstruction of Ukraine”.

The US will take 50pc of recurring revenues received by Ukraine from extraction of resources, and 50pc of the financial value of “all new licences issued to third parties” for the future monetisation of resources. There will be “a lien on such revenues” in favour of the US. “That clause means ‘pay us first, and then feed your children’,” said one source close to the negotiations.

It states that “for all future licences, the US will have a right of first refusal for the purchase of exportable minerals”. Washington will have sovereign immunity and acquire near total control over most of Ukraine’s commodity and resource economy. The fund “shall have the exclusive right to establish the method, selection criteria, terms, and conditions” of all future licences and projects. And so forth, in this vein. It seems to have been written by private lawyers, not the US departments of state or commerce.

President Zelensky himself proposed the idea of giving the US a direct stake in Ukraine’s rare earth elements and critical minerals on a visit to Trump Tower in September, hoping to smooth the way for continued arms deliveries.