KYIV, Ukraine>> More than a month after Washington and Kyiv first haggled over a deal to grant the United States a major stake in Ukraine’s mineral, oil and gas development projects, the sides are back to square one in the negotiations.

Washington has sent Kyiv a new proposal that restates the sweeping financial demands from an initial draft agreement rejected by Ukraine and adds new ones that could burden the country’s finances for years, according to the text of the new draft obtained by The New York Times, and authenticated and reviewed by three current and former Ukrainian officials.

Several Ukrainian lawmakers suggested Ukraine could not possibly accept such a deal and that new negotiations would be needed. President Volodymyr Zelenskyy told reporters in Paris on Thursday that the new proposal required “detailed study” and suggested that a final agreement was still far off. But he also said he did not want “to leave the U.S. with the feeling that Ukraine is against it in general.”

“We support cooperation with the U.S.,” Zelenskyy said. “We don’t want to send any signals that could lead the U.S. to stop aid to Ukraine.”

It was a clear attempt to avoid angering the White House, as he did last month after rejecting earlier proposals, which partly led the United States to cut off aid to Ukraine temporarily.

The new proposal reverts to President Donald Trump’s initial demand that Ukraine repay the United States for the billions Kyiv has received in military and financial aid since Russia’s full-scale invasion three years ago, according to the three current and former Ukrainian officials.

The new draft also echoes earlier versions by omitting any mention of security guarantees for Ukraine, a provision that Kyiv had long pressed for and managed to include in a draft last month but that Washington had long resisted.

As in earlier proposals, Ukraine would have to contribute half of its revenue from natural resource projects and related infrastructure such as ports and pipelines to a U.S.-controlled investment fund. Profit from the fund would be reinvested in Ukrainian natural resource projects, although the exact share of such profit remained unclear.

The new proposal is more specific about how profit would be shared: Washington would claim all profit from the fund until Kyiv repaid at least the equivalent of the U.S. aid received during the war plus 4% annual interest.

The United States also would retain a “right of first offer” on new projects and the power to veto sales of Ukrainian resources to third countries. And in the first year of the agreement, Ukraine would be prohibited from offering any investment projects to third parties with better financial or economic terms than those offered to the United States.

The new proposal also outlines specifics for the role of the International Development Finance Corporation, a U.S. government agency responsible for investing in companies and projects abroad. The agency would control the fund by nominating three board members, while Ukraine would have only two. The agency would oversee each project where earnings from the fund are invested.

Yaroslav Zhelezniak, an opposition Ukrainian lawmaker who obtained the new draft and revealed its main points, said he considers the new demands an opening for more negotiations. “I’m sure it will be updated,” he said. “There is zero chance that it will be approved as it is now.”

Still, officials in Kyiv did not outright reject the new American demands, mindful that previous refusals had strained relations between the U.S. and Ukraine.

“It would be irresponsible to criticize this document because it is still being negotiated,” Oleksii Movchan, a member of Zelenskyy’s party and the deputy chief of the parliamentary committee on economic development, said.