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...President Donald Trump's administration is demanding the "right of first offer" on investments in all infrastructure and natural resources projects under a revised partnership deal with Ukraine, according to a draft of the document obtained by Bloomberg News.

If accepted, the partnership agreement would bestow enormous power on the US to control investments into Ukraine in projects including roads and railways, ports, mines, oil and gas and extraction of critical minerals. It would represent an unprecedented expansion of US economic influence in Europe's largest country by area just at the time when it's attempting to align with the EU.

The agreement would grant the US first claim on profits transferred into a special reconstruction investment fund that would be controlled by Washington. Crucially, the document states that the US regards the "material and financial benefits" provided to Ukraine since Russia's full-scale invasion in February 2022 as its contribution to that fund.

In effect, this would mean the Trump administration would compel Ukraine to pay for all of the US military and economic support provided since the start of the war before Kyiv received any income from the partnership fund. ...