Tapping the country’s mineral wealth would take peace and billions in investment, an official there has said
Ukraine’s Western supporters are alarmed at the prospect of losing access to the country’s mineral wealth, a senior Kiev official familiar with the negotiations has claimed, according to Politico.
Tapping the country’s resources has been on the negotiating table since US President Donald Trump put a staggering price tag on the military aid provided to Kiev during the three-year conflict with Moscow.
Ukraine and the US have been negotiating a deal that would grant the latter access to the nation’s mineral resources, including rare earths, since early February. At the time, Trump said he wanted Washington to receive the equivalent of $500 billion worth of Ukrainian rare earth elements.
Shortly after, French defense minister Sebastien Lecornu said that Paris had been engaged in talks with Ukraine about securing raw materials for its defense industry for several months.
“It [Ukraine] has critically important resources like titanium, uranium, and others. And if Russia gets its hands on those resources, it will be a disaster for Kiev’s allies,” the official told the outlet, speaking on condition of anonymity, adding that the critical minerals offer was a clear security issue for the country.
While trying to persuade Kiev to sign the minerals agreement, the US president has refused to provide specific security guarantees, arguing that joint business ventures would be enough to deter Russia.
Earlier this week, US Treasury Secretary Scott Bessent expressed indignation over how the issue had been handled by Kiev. In an interview with American journalist Tucker Carlson, he said that Ukraine’s Vladimir Zelensky had, on three separate occasions, derailed the long-anticipated agreement.
Bessent mentioned Zelensky’s refusal to sign the deal in Kiev in early February and at the Munich Security Conference later that month. He relayed that it went unsigned a third time to the quarrel between Zelensky and Trump, during which the US president accused the Ukrainian leader of ingratitude with regards to past military assistance and his reluctance to conclude a ceasefire with Russia.
Politico noted, citing officials, that Kiev is currently trying to avoid sparking another wave of outrage from the US administration and is refraining from criticizing the latest version of the agreement. Instead, Ukrainian negotiators are reportedly attempting to delicately tweak the deal without provoking the other side.
While Forbes Ukraine estimated the country’s total mineral wealth at nearly $15 trillion in 2023, nearly half of those resources are located in the Donetsk and Lugansk People’s Republics, which joined Russia following referendums in 2022.
Russian President Vladimir Putin said earlier this year that the potential US-Ukraine rare-earths deal “doesn’t concern” the Kremlin, noting that the actual value of the country’s mineral deposits remains uncertain.
