President Donald Trump said Ukraine has "essentially agreed" to grant the U.S. access to an estimated $500 billion worth of rare earth minerals as part of a proposed deal to secure continued American military support for Kyiv. The agreement, still in early discussions, comes as Ukraine looks to leverage its vast untapped reserves of critical minerals to strengthen its strategic alliance with Washington.
Trump, speaking in a pre-Super Bowl interview with Fox News, said, "They have tremendously valuable land in terms of rare earth [minerals], in terms of oil and gas, in terms of other things. I want to have our money secured, because we're spending hundreds of billions of dollars [in Ukraine]." He added that regardless of the outcome of the war, "we're going to have all this money in [Ukraine] and I say, I want it back."
Ukraine's government has been actively courting U.S. support for developing its mineral industry, with President Volodymyr Zelensky raising the prospect of such a deal last year. Andrii Yermak, Zelensky's chief of staff, reaffirmed Ukraine's interest, saying, "We are interested to work, to develop, with our partners, first of all, with the United States."
Rare earth elements-comprising 17 critical minerals used in military technology, electronics, and energy production-are dominated by Chinese supply chains, making access to alternative sources a priority for both the U.S. and Europe. Ukraine also possesses significant reserves of titanium, lithium, and uranium, further elevating its strategic importance in the global mineral market.
The prospect of linking mineral access to military assistance marks a shift in U.S.-Ukraine relations, as Trump has repeatedly called for increased accountability in how American aid is spent. "I told them that I want the equivalent of like $500 billion worth of rare earth [minerals], and they've essentially agreed to do that," Trump claimed.
Ukraine has signaled openness to formalizing such a deal. "If we are talking about a deal, then let's do a deal, we are only for it," Zelensky told Reuters, emphasizing the importance of securing U.S. support in deterring Russian advances.
Ukraine's mineral industry remains largely undeveloped due to the war and regulatory hurdles, with geological data still incomplete and extraction projects facing security risks. According to Kyiv-based think tank We Build Ukraine, an estimated 40% of the country's metallic mineral resources remain inaccessible due to Russian occupation.
While U.S. companies have expressed interest in potential investments, experts say significant obstacles remain. Securing financing, enacting enabling legislation, and ensuring the safety of mining operations in a war zone pose major challenges. Moreover, any formal agreement would likely require congressional approval and extended negotiations.
Trump's remarks also come amid broader discussions on ending the nearly three-year conflict. The U.S. delegation, led by Vice President JD Vance and retired Lt. Gen. Keith Kellogg, is expected to meet with Zelensky at the Munich Security Conference this week to explore a potential resolution to the war.
The European Union has also identified Ukraine as a potential key supplier for critical raw materials. The European Commission has indicated that Ukraine's accession to the EU could bolster the bloc's economic resilience and reduce dependence on Chinese-controlled supply chains.
