Russia moves to take over Ukraine’s rare minerals in partnership with the US

Russia is making a direct play for Ukraine’s rare minerals, pushing back as the United States tries to strike a deal that would give it access to nearly half of Ukraine’s mineral wealth. President Vladimir Putin told RT reporters on Monday that Russia has more rare earth minerals than Ukraine and is open to working with American companies, but only on Russia’s terms.

This comes a week after US President Donald Trump confirmed he is in serious discussions with Russia to end the war in Ukraine while also trying to secure economic deals with Moscow, specifically regarding rare earth metals.

At the same time, Ukraine’s government is close to signing an agreement that would grant the US access to its mineral reserves in exchange for continued military and political support. But there’s a major problem—40% of those minerals are under Russian control.

Speaking to state media correspondent Pavel Zarubin, Putin said, “Russia is one of the leading countries when it comes to rare metal reserves.”

To drive home Russia’s mineral dominance, Putin compared his country’s reserves to Ukraine’s, saying, “We certainly have much more of such resources than Ukraine.” He also shared that Russia is willing to sell 2 million tons of aluminum to the US—but only if Washington lifts sanctions on Russian metals.

Ukraine nears deal with the US, but Russian-occupied territories block access

Meanwhile, Trump has been negotiating with Ukraine for access to rare minerals, demanding control over 50% of the country’s deposits in exchange for continued US military support.

“I’ve spoken to Vladimir, and my people are dealing with him constantly, and his people in particular, and they want to do something,” Trump said on Monday in a press briefing with French President Emmanuel Macron from the White House. “I mean, that’s what I do. I do deals. My whole life is deals.”

Inside Kyiv, talks between Ukraine’s leadership and the US have been ongoing for months. Ukraine’s Deputy Prime Minister Olha Stefanishyna confirmed that negotiations are in their final stages, saying that the agreement covers minerals, oil, and gas.

But Stefanishyna also acknowledged that the minerals deal is “only part of the picture.” The Ukrainian Geological Survey describes Ukraine’s mineral wealth as one of the richest in the world, with vast deposits of titanium, zirconium, graphite, manganese, lithium, beryllium, nickel, and rare earth elements.

These resources are critical to the US, which is trying to reduce its dependence on China for materials essential to EV production, aerospace, and military technology.

Sources in Kyiv reportedly told Financial Times that there has been ongoing debate over whether the US would receive direct ownership of Ukraine’s minerals or simply a stake in a fund backed by mineral profits.

While Ukraine scrambles to finalize its agreement, Russia is inserting itself into the conversation. Kirill Dmitriev, Putin’s special envoy for investment, met with US officials in Saudi Arabia last week to discuss potential economic cooperation. He later told CNN that Russia is “open to US-Russia economic cooperation and believes such cooperation is key for a more resilient global economy.”

Putin, for his part, told RT that Trump’s approach to Russia and Ukraine has been strategic, not emotional. “His position is based not so much on emotions as on cold calculation, on a rational approach to the current situation,” said Putin.

Still, Trump has not made any firm commitments about Ukraine’s request for security guarantees, a sticking point that Zelensky’s administration continues to push for.

In a final exchange with reporters during the briefing, Trump was asked why he believed he could trust Putin in negotiations. His response was: “I think it’s to the very much benefit of Russia to make a deal and to go on with—go on with leading Russia in a very positive way. I really believe that he wants to make a deal. Maybe I’m wrong, but I believe he wants to make a deal. He never wanted this to happen anyway.”

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot