Perhaps, Ukrainian President Volodimir Zelenski would have to write books on the art of negotiation.

For a while, looked as if he had made a huge mistake because it overcame the opportunities that the allies have at their disposal in exploiting the natural resources of its nation. The idea was to arouse the interest of the famous Donald Trump trading for Ukraine’s defense, and it seemed a clever trick at that time. In fact, it almost blasted a military relationship critical for Ukraine’s survival, but the agreement, as it is now agreed, at least in part, looks like a good solution.

The text of the agreement has not been published at present – but according to a Ukrainian News Agency that saw the documents – a major “technical” protocol is what is left to sign. However, if the agreement is as described at least it has prevented the disaster and could partly serve the original purpose.

The neo -colonial terms of exploitation in previously leaked US plans, which Trump clearly expected that Zelenski would sign on the spot – because the US president was angry when that didn’t happen – no longer exist. The United States will not have legal jurisdiction over the joint fund to be created, do not have complete control, but must make decisions with consensus on a 50/50 agreement and will not possess any assets. Only future investments should be included.

Nor will the US companies have the right of first refusal to all projects, a provision that would conflict with Ukraine’s plans to join the European Union. Indeed, as described, the agreement now includes a clause that allows review if the terms prove to be violated by the EU integration requirements.

There is also no reference to delayed payments to cover previous US military aid to date (given in the form of grants that will not be refunded), nor any ridiculous amount of what this would require (at some point Trump talked about $ 350 billion or $ 500 billion). Ukrainian infrastructure will no longer be included in the fund. There is a list of 57 minerals, including natural gas, including – but again, the Fund will draw and distribute revenue only from mining licenses issued after the Fund is set up.

What seems to have evolved is an agreement that could give Trump political coverage to repeat the provision of weapons to Ukraine if he chooses it, creating a repayment mechanism without destroying Zelenski. According to Ukrainians, the US can add future provisions for weapons as capital contributions to the fund and can withdraw profits to recover these expenses after 10 years. Until then, all proceeds will be used to rebuild Ukraine.

It is well known, however, that Trump and his government wanted more. The previous plans were so punitive that they seemed to be designed to force Zelenski to find himself in a position where he would either categorically reject the approach, allowing Trump to interrupt weapons supplies and force Ukraine to captivate or capture it. Whatever the plan, Trump also seems to have done wrong calculations.

THE Zelenski did not fall into either of the two traps. Even during his explosive humiliation in the Oval Office, he managed to somehow be held without burning all the bridges. Was a strategy of persistent persistence And you may need more.

This technical protocol includes some of the basic wins claimed by the Ukrainian side, including the issue of legal jurisdiction and the 10 -year rule for US withdrawal. These will be crucial to persuade the Rana and the Ukrainians in general to accept that this is an agreement that will help them, instead of exploiting them, which is already a difficult task.

Even when it is completed, however, it is not clear what this hectic negotiation will have achieved. Although Washington proposed it as an agreement to help prevent Russia by putting US companies and personal obstacles in any possible attack, it is more realistic to see this inversely. What will prove and what the agreement will do will be almost completely determined by what will happen in talks to resolve the problem with Russia and how Trump will react to them.

If the war is over quickly, the new US-Ukraine Fund could well play a financial role. Otherwise, it is unlikely that Trump will be made and Trump can either ignore the deal or – less likely – to use it to review Ukraine. At least, it could be used to cover the ongoing, critical support for US intelligence. In any case, if the other documents are signed as scheduled, Zelenski and his negotiators appear to have neutralized a potentially fatal dispute.

*Marc Champion is a columnist for the Bloomberg Opinion that covers Europe, Russia and the Middle East. He was previously head of the Wall Street Journal office in Istanbul