French Defense Minister Sebastien Lecornu stated that France and Ukraine have been discussing Ukraine’s mineral resources since October.
France is seeking to join the United States and Ukraine in negotiations regarding the development of Ukraine’s mineral resources, according to French Defense Minister Sebastien Lecornu. In an interview on Franceinfo radio on Tuesday, Lecornu revealed that France has been in contact with Ukraine since October to secure raw materials for its defense sector.
This announcement follows recent negotiations between the US and Ukraine concerning Ukraine’s mineral resources. Although former US President Donald Trump initially demanded $500 billion from Kiev as compensation for US military and financial aid, this demand has reportedly been dropped. The EU has also expressed interest in Ukraine’s mineral assets and has proposed a separate agreement to ensure access to essential resources.
Lecornu clarified that France is not seeking financial compensation but aims to establish long-term agreements to secure mineral supplies. He stated, “Our defense industry will need a certain number of very key raw materials in our own weapons systems, not for next year, but for the next 30 or 40 years,” adding that French President Emmanuel Macron has instructed him to ensure France’s inclusion in the ongoing discussions between the US and Ukraine.
The French minister’s comments come after Ukrainian Prime Minister Denis Shmigal announced that Kiev had agreed to a US-proposed minerals agreement. Ukrainian President Vladimir Zelensky is expected to travel to Washington later this week to sign the agreement.
Zelensky initially opposed the US deal due to a perceived lack of security guarantees. However, Shmigal has indicated that the new draft is “better” because it does not grant the US ownership of Ukrainian subsoil.
According to the Financial Times, the agreement stipulates that Ukraine must allocate 50% of the revenues from future monetization of state-owned mineral resources, including oil and gas, to a special investment fund jointly controlled by the US and Ukraine. Shmigal stated that this fund would be exclusively used for the country’s reconstruction.
The EU has also become involved in discussions regarding Ukraine’s mineral wealth. EU Strategy Commissioner Stephane Sejourne stated on Monday that Brussels had proposed an alternative agreement to secure access to 21 of the 30 minerals classified as critical for the European economy, seeking a “mutually beneficial” partnership with Ukraine.
Zelensky has maintained that Ukraine will not relinquish control over its mineral wealth without additional security assurances. He has also disputed US estimates of total aid to Ukraine, claiming that Washington had provided at most $100 billion. Kiev would not accept even that amount as debt, Zelensky stated, asserting that the funds were provided as a grant by former US President Joe Biden, with no expectation of repayment.
A significant portion of Ukraine’s mineral resources are located in territories that have since been annexed by Russia, primarily the Donetsk and Lugansk People’s Republics. Russian President Vladimir Putin has stated that Moscow is not interested in the US-Ukraine agreement but is open to partnerships with American firms regarding rare-earth minerals.
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