Ukraine Says Rare Earths Deal with Trump in ‘Final Stages
The government of Ukraine confirmed on Monday that it is in the “final stages” of an agreement on selling rare earth minerals to America, a deal President Donald Trump floated as a way for America to get a return on its investment in supporting Kyiv against Russian invasion.
The announcement of the “final stages” of a deal, made by Minister of Justice Olha Stefanishyna, followed comments by President Volodymyr Zelensky in which he expressed hesitation about signing off significant rights to Ukraine’s plentiful rare earth minerals or in heavily indebting Ukrainians in the future. Zelensky’s remarks, after a turbulent week in which Trump disparaged Zelensky as a “dictator” and implied he should vacate the office, led many in international media to conclude that Ukraine would ultimately decline any such agreement with Washington.
“Ukrainian and U.S. teams are in the final stages of negotiations regarding the minerals agreement,” she wrote in a statement on social media. “The negotiations have been very constructive, with nearly all key details finalized. We are committed to completing this swiftly to proceed with its signature.”
Ukraine is home to a bountiful supply of naturally occurring rare earth minerals and other minerals considered critical for modern industries. Among the most coveted are lithium, used to make batteries for mobile phones and laptops, and the critical nuclear energy product uranium. Ukraine is believed to be home to as much as five percent of the world’s known critical mineral reserves.
This wealth has made Ukraine an attractive target for China. The Ukrainian government, prior to Zelensky being elected president, became a member of China’s Belt and Road Initiative (BRI), a debt-trap scheme in which China offers poor countries predatory loans for alleged infrastructure projects. Zelensky has embraced the potential of Chinese investment in post-war Ukraine, inviting dictator Xi Jinping to talks and hoping “Chinese businesses” take an interest in reconstruction.
A major American presence in the Ukrainian mineral industry would likely have a deterrent effect on Chinese investment there, which often brings with it malign Chinese government influence and propagation of communist ideology.
President Trump had for many years enjoyed a positive relationship with Zelensky, particularly during his first term in office when the Ukrainian president steadfastly supported Trump against attempts by prominent Democrats to impeach him. Trump has been vocally critical of his predecessor Joe Biden’s Ukraine policy, however, condemning Biden’s decisions both to lift sanctions on Russia – which Zelensky loudly objected to and which immediately preceded the current invasion – and to funnel tens of billions of dollars into the war effort with no clear objective in sight.
The government of Ukraine confirmed on Monday that it is in the “final stages” of an agreement on selling rare earth minerals to America, a deal President Donald Trump floated as a way for America to get a return on its investment in supporting Kyiv against Russian invasion.
The announcement of the “final stages” of a deal, made by Minister of Justice Olha Stefanishyna, followed comments by President Volodymyr Zelensky in which he expressed hesitation about signing off significant rights to Ukraine’s plentiful rare earth minerals or in heavily indebting Ukrainians in the future. Zelensky’s remarks, after a turbulent week in which Trump disparaged Zelensky as a “dictator” and implied he should vacate the office, led many in international media to conclude that Ukraine would ultimately decline any such agreement with Washington.
“Ukrainian and U.S. teams are in the final stages of negotiations regarding the minerals agreement,” she wrote in a statement on social media. “The negotiations have been very constructive, with nearly all key details finalized. We are committed to completing this swiftly to proceed with its signature.”
Ukraine is home to a bountiful supply of naturally occurring rare earth minerals and other minerals considered critical for modern industries. Among the most coveted are lithium, used to make batteries for mobile phones and laptops, and the critical nuclear energy product uranium. Ukraine is believed to be home to as much as five percent of the world’s known critical mineral reserves.
This wealth has made Ukraine an attractive target for China. The Ukrainian government, prior to Zelensky being elected president, became a member of China’s Belt and Road Initiative (BRI), a debt-trap scheme in which China offers poor countries predatory loans for alleged infrastructure projects. Zelensky has embraced the potential of Chinese investment in post-war Ukraine, inviting dictator Xi Jinping to talks and hoping “Chinese businesses” take an interest in reconstruction.
A major American presence in the Ukrainian mineral industry would likely have a deterrent effect on Chinese investment there, which often brings with it malign Chinese government influence and propagation of communist ideology.
President Trump had for many years enjoyed a positive relationship with Zelensky, particularly during his first term in office when the Ukrainian president steadfastly supported Trump against attempts by prominent Democrats to impeach him. Trump has been vocally critical of his predecessor Joe Biden’s Ukraine policy, however, condemning Biden’s decisions both to lift sanctions on Russia – which Zelensky loudly objected to and which immediately preceded the current invasion – and to funnel tens of billions of dollars into the war effort with no clear objective in sight.
Comment