Today’s meeting between Ukrainian President Volodymyr Zelenskyy and former US President Donald Trump is focused on a potential agreement that would grant the US access to Ukraine’s rare earth minerals deposits. This proposal was first put forward by Zelenskyy last year as a way to provide the US with a tangible reason to continue supporting Ukraine.
Ukraine estimates that approximately 5% of the world’s critical raw materials are located within its borders. Before the invasion by Russia in February 2022, minerals accounted for 6.1% of Ukraine’s GDP and 30% of its exports, including resources like lithium and uranium.
While specific details of the agreement have not been disclosed, Ukrainian Prime Minister Denys Shmyhal mentioned that a preliminary deal involves the creation of an investment fund for Ukraine’s reconstruction, managed jointly by Kyiv and Washington. Ukraine would contribute 50% of future proceeds from state-owned mineral resources to this fund, with investments being made in domestic projects.
Zelenskyy emphasized that the agreement is part of a broader economic partnership, and he expressed the importance of security guarantees in any deal with the US to protect against further Russian aggression. Trump, on the other hand, has characterized the agreement as a way for American taxpayers to recoup aid sent to Ukraine during the conflict, suggesting that Ukraine would maintain the right to fight on in exchange for mineral access.
While Trump has indicated that the US will not provide extensive security guarantees, he mentioned that the responsibility for this lies with Europe, as they are Ukraine’s next-door neighbor. Trump also highlighted the presence of American workers in Ukraine as a source of automatic security.
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