Crucially, the beneficiaries on the American side would not be the US government but private investors. The specific companies involved were not determined at this stage. Instead, the US proposed setting up a trust fund to which Ukraine would transfer the rights to develop its resources. This fund would then select the American companies who would extract – and profit from – Ukraine’s minerals.
Notably, the current draft does not appear to have been prepared by the US Department of Energy or the State Department but by Trump’s private legal team, which seemingly failed to distinguish between intergovernmental agreements and commercial contracts.
Uh huh. Well, that sounds pretty sketchy.
EDIT: I'd also add, setting aside the whole Ukraine angle, that that doesn't look all that great to me in conjunction with the FCPA suspension, if Trump's legal team is off looking to cut arrangements out-of-band from the bureaucracy with foreign governments to benefit unspecified private parties in the US. That is, for at last six months, the major legal restriction on American companies on bribing foreign governments is suspended.
On February 10, 2025, President Donald Trump issued an executive order and accompanying fact sheet directing Attorney General (AG) Pam Bondi to, for a period of 180 days (1) effectively halt the initiation of new Foreign Corrupt Practices Act (FCPA) investigations and enforcement actions and (2) undertake a detailed review of any such existing matters with an eye toward “restoring proper bounds” on enforcement.
I realize that most folks here are probably interested in the impact on Ukraine, but that's got some serious issues for the US as well.
To be blunt, that's a lot of potential money to be changing hands between private parties without record being made of what terms are going on, where decisions on US policy are involved. The only reason that I'm aware of that we're aware of this in the US is because Ukraine disclosed the offer. I don't know whether Trump's legal team might be writing up other contracts potentially involving other countries.