The US president has demanded access to Ukraine’s rare earths, although Vladimir Zelensky has reportedly refused to sign a deal
Ukraine will face “a lot of problems” if it doesn’t agree to sign over the rights to a large chunk of its natural resources to the US, President Donald Trump has warned.
Ukrainian leader Vladimir Zelensky first floated the idea of granting Washington access to his country’s rare-earth minerals back in October. Earlier this month, Trump said he would pursue a deal and demanded the “equivalent of $500 billion” worth of natural resources, as compensation for aid provided to Ukraine throughout its conflict with Russia.
Speaking to reporters at the White House on Friday, Trump stated that “we’re going to either sign a deal or there’s gonna be a lot of problems with [Ukraine].” The US president added that an agreement would “hopefully [take place] in the next fairly short period of time,” with Washington receiving “four or five hundred billion dollars back.”
Trump criticized his predecessor, Joe Biden, over US aid to Ukraine, saying he “just gave them money…We’re spending our treasure on… a country that’s very, very far away.” In contrast, Trump claimed European countries would be reimbursed for their aid to Kiev as it is “in the form of a loan.”
According to The Economist, citing anonymous sources, US Treasury Secretary Scott Bessent gave Zelensky just one hour to agree to a proposal during a visit to Kiev last week. The Ukrainian leader declined to sign the agreement.
At the Munich Security Conference last weekend, Zelensky told journalists he was seeking a “connection between some kind of security guarantees and some kind of investment.”
The Associated Press quoted an unnamed official as describing the agreement in its current form as “colonial.”
On Monday, White House National Security Council spokesman Brian Hughes accused Zelensky of being “short-sighted about the excellent opportunity the Trump administration has presented to Ukraine.”
Amid the back-and-forth, a senior Ukrainian lawmaker claimed on Thursday that the US had halted weapons sales to Kiev.
On Saturday, Reuters cited anonymous sources as alleging that the US has also threatened to block the Ukrainian military’s access to Elon Musk’s Starlink internet terminals if it continues to dig its heels in on a minerals deal.
According to the 2024 World Economic Forum report, Ukraine “holds immense potential as a major global supplier of critical raw materials” that could be “essential” for defense, the technology sector, and green energy. Much of those resources are, however, located in the Donetsk and Lugansk People’s Republics, which joined Russia in 2022.
