KEY POINTS
- Trump demands $500 billion worth of rare earth minerals from Ukraine in exchange for continued US support.
- Zelenskyy is reportedly considering granting US access to Ukraine’s natural resources.
- Trump seeks to secure Ukraine’s critical minerals like lithium and titanium, essential for advanced technologies.
- German Chancellor calls Trump’s approach “egotistic” and “self-centred.”
- Trump’s special envoy is set to visit Ukraine on 20 February to draft a peace plan.
- Zelenskyy seeks security guarantees from the US and NATO as part of any agreement with Russia.
WASHINGTON: US President Donald Trump has demanded that Ukraine provide $500 billion worth of rare earth minerals as compensation for continued American support in its ongoing conflict with Russia.
In an interview with Fox News aired late on Monday, Trump said that Washington should receive a slice of Ukraine’s vast natural resources as compensation for the substantial aid it has provided to Ukraine against Russia.
“I told them [Ukraine] that I want the equivalent of $500 billion worth of rare earth minerals. And they’ve essentially agreed to do that, so at least we don’t feel stupid,” Trump said. “Otherwise, we’re stupid. I said to them, ‘We have to get something. We can’t continue to pay this money.’”
Ukraine possesses significant deposits of critical minerals, including lithium and titanium, which are essential for manufacturing advanced technologies. The country also has extensive reserves of coal, oil, gas, and uranium, although much of this wealth is currently under Russian control.
Ukraine considering Trump’s demand
Ukrainian President Volodymyr Zelenskyy has reportedly considered granting US companies access to his country’s natural resources as a strategy to maintain American backing. The proposal was included in Ukraine’s “victory plan,” a set of economic and security policies presented to its allies last year as part of efforts to secure a lasting peace with Russia.
“The Americans helped the most, and therefore the Americans should earn the most,” Zelenskyy said in an interview with Reuters on Friday. “I would also like to discuss this with President Trump.”
Trump has previously expressed his interest in securing Ukraine’s natural resources, positioning it as part of a broader strategy to counter China’s dominance in the global minerals market.
“We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earths and other things,” he told reporters earlier this month.
Trump’s remarks have drawn criticism from European leaders, with German Chancellor Olaf Scholz condemning Trump’s approach as “very egotistic, very self-centred.”
Trump also said Ukraine “may be Russian someday, or they may not be Russian someday,” while discussing possible outcomes of the war. He has pushed for a quick resolution to the conflict but has not yet outlined a detailed plan for negotiations.
Trump’s envoy to visit Ukraine
Trump confirmed that his special envoy, Keith Kellogg, will soon travel to Ukraine to draft a plan aimed at ending the conflict. Ukrainian officials have stated that Kellogg is expected to arrive on 20 February, just days before the third anniversary of the Russia-Ukraine war on 24 February.
US Vice President JD Vance is also set to meet Zelenskyy this Friday on the sidelines of the Munich Security Conference, where US Secretary of State Marco Rubio will also be present.
ALSO READ: Ukraine May Be Russian Someday: Trump
Zelenskyy has repeatedly called for strong security guarantees from the US and NATO as part of any agreement with Russia.
Kyiv fears that without concrete military commitments, any settlement would merely provide Moscow with an opportunity to regroup for another assault.
What are rare earth minerals?
Rare earth elements are a group of 17 minerals that play a crucial role in consumer technology, including mobile phones, hard drives, and electric and hybrid vehicles.
Although it is unclear which specific minerals Trump is referring to in Ukraine, the country is known to possess a variety of valuable resources. “It can be lithium. It can be titanium, uranium, many others,” said Andriy Yermak, Head of the Office of the President of Ukraine. “It’s a lot.”
China, which Trump has frequently criticised as a geopolitical rival, is the world’s largest producer of rare earth elements. Both the US and Europe have been working to reduce their reliance on Beijing for these critical resources.
