Inside the proposed U.S.-Ukraine minerals deal

• A Ukrainian official told Axios a deal is close and could be signed as soon as Monday. The official said the document Axios has reviewed is the most recent version, but could still be amended.
• Ukrainian Deputy Prime Minister Olga Stefanishyna confirmed in an X post Monday that the sides were close to a deal, and said signing it would "showcase our commitment for decades to come."

The latest: At the top of his meeting with French President Emmanuel Macron in the oval office on Monday, President Trump said Ukrainian President Volodymyr Zelensky could come to the White House "this week or next week" to sign the minerals deal.

• Trump earlier wrote on Truth Social after a G7 virtual meeting on Monday marking three years since Russia's invasion of Ukraine that he "emphasized the importance of the vital Critical Minerals and Rare-Earths Deal between the United States and Ukraine, which we hope will be signed very soon!"
• He added that the deal will help "the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end."

Driving the news: The draft agreement calls for the establishment of a "Reconstruction Investment Fund" that will be co-managed by the U.S. and Ukraine.

Key quote: "The Government of the United States of America intends to provide a long-term financial commitment to the development of a stable and economically prosperous Ukraine," the draft says.

• It adds that the fund will be designed "so as to invest in projects in Ukraine and attract investments to increase development," including in areas like mining and ports.
• But it also suggests the U.S. will recoup some of its expenditures related to "defending, reconstructing, and returning Ukraine" to its pre-war GDP.

Between the lines: Zelensky infuriated Trump by rejecting an initial U.S. proposal, but said Monday at the G7 leaders meeting that he hoped to sign an agreement in Washington soon.

• He told reporters Sunday that the U.S. side had dropped a demand that it receive $500 billion from Ukrainian minerals projects — a sum Zelensky noted was far more than the U.S. had contributed to Ukraine.
• Zelensky rejected the idea of treating aid to Ukraine as a debt that must be repaid, and added that the agreement must include U.S. military support for Ukraine.

The intrigue: The draft seen by Axios expresses a desire that Ukraine remain free, but does not specify any U.S. military commitment.

• It also stipulates that Ukraine must contribute $500 billion to the fund — and that Ukraine's contributions must be double the U.S contributions — but it does not call for that sum to be paid to the U.S.
• The draft calls for 50% of Ukraine's revenues (minus operating expenses) from "extractable materials" — including minerals, oil and gas — be paid into the fund.
• Bloomberg first reported on aspects of the proposed deal.

Worth noting: The text contains a provision referring to projects in areas "temporarily occupied by the Russian Federation, in the event such areas are de-occupied."

• Much of Ukraine's mineral wealth is in the war-torn east.

What's next: The draft seen by Axios calls for the U.S. Treasury and Commerce Departments, along with Vice President Vance's office, to work out the details of the arrangement with Ukraine's Economy Ministry after the initial framing document is signed.

• At the bottom, the document has spaces for the signatures of Secretary of State Marco Rubio and his Ukrainian counterpart, Andrii Sybiha.
• Sources on both sides have told Axios a deal is looking increasingly likely, and could be announced soon.

Editor's note: This story has been updated with additional details.