Russian President Vladimir Putin recently expressed his willingness to provide the United States access to rare minerals. This offer includes resources from parts of Ukraine currently under Russian control.
The discussion comes after former US President Donald Trump has pushed for Ukraine to share its mineral wealth in return for support. According to a Ukrainian official, a deal between the US and Ukraine is in the works.
In a televised interview, Putin indicated that Russia is open to collaborating with the US on joint ventures, especially in the mining sector of newly-acquired territories, namely regions in eastern Ukraine. He suggested that this partnership might also extend to aluminium production, aimed at stabilizing prices in the US market.
Putin challenged Trump’s proposal regarding Ukraine’s mineral resources, stating that Russia possesses far more of these essential materials than Ukraine does. He emphasized that Russia is ready to work with foreign partners to develop resources in these territories.
Further, he proposed that the US and Russia could cooperate on aluminium extraction specifically in Krasnoyarsk, where one of Russia’s largest aluminium producers, Rusal, operates.
After a recent cabinet meeting discussing Russia’s natural resources, Kremlin spokesperson Dmitry Peskov noted that this proposal presents significant opportunities, highlighting the US’s need for rare earth minerals and Russia’s abundance of them.
Offering access to these minerals is a notable shift for Putin, who has historically emphasized keeping Russia’s natural wealth within the country. In 2023, he accused Western nations, particularly the US, of attempting to weaken Russia to seize its resources.
Currently, Ukraine is under pressure from the Trump administration to finalize a deal regarding its mineral deposits. Estimates suggest that Ukraine holds about 5% of the world’s critical raw materials, although some resources have already been taken by Russia since the invasion began.
Trump has previously stated that US assistance to Ukraine has reached approximately $500 billion and that he expects the US to benefit from Ukraine’s mineral wealth of corresponding value. However, Ukrainian President Volodymyr Zelensky has contested this figure and seeks assurances for Ukraine’s security as part of any agreement.
On the Ukrainian side, Deputy Prime Minister Olga Stefanishyna has reported productive negotiations relating to this deal, with most key aspects already settled.
In a separate initiative, the European Union is also looking to establish a partnership with Ukraine. The EU hopes to create a mutually beneficial agreement that would provide access to the minerals, described by European Commissioner Stéphane Séjourné as a “win-win” situation.
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