Ukraine has turned down a U.S. proposal that would grant America ownership of 50% of its rare earth minerals. President Zelenskiy rejected the draft contract, presented by U.S. Treasury Secretary Scott Bessent, stating he needed more time to review it and consult with others.
While the U.S. has pushed for access to Ukraine’s natural resources, including critical minerals, as part of the ongoing support for the war effort against Russia, Zelenskiy is holding out for a better deal. He wants any agreement on mineral reserves to include direct security guarantees from both the U.S. and Europe, according to sources familiar with the negotiations.
Though Ukraine isn’t known for major rare earth reserves, the country has identified some deposits of critical minerals like titanium, lithium, and graphite, mostly in areas under partial Russian control. Despite being abundant globally, rare earth minerals are difficult to extract and refine, with large reserves found outside China in countries like the U.S., Brazil, and Russia.
The U.S. government has emphasized Ukraine’s role in securing these resources, alongside promises to purchase U.S. energy exports, in exchange for military and economic aid.
