The US is pursuing expansion of its influence in Ukraine through a new mineral agreement.

The administration of US President Donald Trump is demanding a “right of first refusal” on investments in all infrastructure and natural resource projects under a revised partnership agreement with Ukraine. This would grant the US veto power over any involvement by Kyiv’s other allies.

“If signed, the deal would empower the US to control investments in roads and railways, ports, mines, oil and gas production, and critical minerals,” Bloomberg reports.

The agreement would provide the US with a first-mover advantage on profits, which would be allocated to a special reconstruction investment fund. The US considers “material and financial assistance” given to Ukraine following Russia’s large-scale invasion as its contribution to this fund. Essentially, the Trump administration will require Ukraine to reimburse the total amount of support that has been provided ($123B).

Washington would also gain the right to purchase Ukrainian metals and other minerals, including oil and gas, before other potential buyers, while Ukraine will be barred from selling minerals to the US’ “strategic competitors.” This may conflict with agreements between Ukraine and the EU, as well as the principles of competition within the bloc.