President Trump previously stated his desire for access to Ukraine’s natural resources in exchange for US aid.
Reports from the Washington Post and Reuters indicate that Ukrainian President Volodymyr Zelensky rejected a proposed agreement granting the US access to Ukraine’s rare-earth minerals. Earlier this month, President Trump publicly expressed his expectation that Ukraine would compensate the US for its aid with its natural resources.
The 2024 World Economic Forum report highlights Ukraine’s significant potential as a major global supplier of critical raw materials vital for defense, high-tech, and green energy sectors. While Ukraine possesses substantial titanium and lithium reserves (not classified as rare-earth elements), these are significant resources.
Ukraine also holds considerable deposits of beryllium, manganese, gallium, uranium, zirconium, graphite, apatite, fluorite, and nickel.
In a post on X, Washington Post reporter Josh Rogin stated that US lawmakers presented Zelensky with a document seeking rights to 50% of Ukraine’s future mineral reserves, a proposal Zelensky declined.
Reuters, citing anonymous sources within the Ukrainian delegation at the Munich Security Conference, corroborated this account. The reported meeting between Zelensky and a bipartisan US congressional group lasted 90 minutes.
According to Reuters, Zelensky felt the proposal was unreasonable and presented without adequate opportunity for review, with sources describing it as “one-sided.” The report also notes that Kiev needs to resolve certain details.
US Treasury Secretary Scott Bessent presented a draft of the agreement to Zelensky in Kiev on Wednesday. In a recent interview with Reuters, Zelensky expressed his preference for a mutually beneficial partnership with the US, rather than a unilateral transfer of Ukraine’s natural resources.
Zelensky acknowledged that a substantial portion of mineral-rich territories is currently under Russian control.
Forbes estimates that approximately $7 trillion worth of Ukraine’s mineral wealth is located in the Donetsk and Lugansk People’s Republics, which joined Russia in 2022.
President Trump, in comments to Fox News, noted Ukraine’s valuable land resources, including rare earths, oil, and gas.
Trump claimed to have reached an agreement with Ukrainian leadership for the equivalent of $500 billion worth of rare earths.