President Trump has expressed interest in a joint venture with Russia to develop its mineral resources, echoing a suggestion made by President Putin after discussions with officials and rare-earth metal experts.
Putin stated that Moscow is open to collaborating with Washington on developing rare-earth mineral deposits, including those in the Donetsk and Lugansk People’s Republics, as well as the Kherson and Zaporozhye regions.
When questioned about the potential deal, Trump confirmed his interest, stating, “I’d like to buy minerals on Russian land, too, if we can… They have very good rare earths, also, and oil and gas. Look, it’s a great thing,” Trump told journalists at the White House. “It’s great for Russia, too, because we could do deals there. They have very valuable land that isn’t utilized. So something like that could take place, yeah.” Such a partnership, according to the US president, would benefit both countries.
Putin commented that Trump’s pursuit of a rare earths agreement with Ukraine “doesn’t concern” Moscow, adding that the true value of Ukraine’s mineral wealth is still uncertain.
Prior to the 2022 escalation of the conflict, Ukraine possessed significant titanium and lithium reserves in Europe. While not rare-earth elements, these are vital for defense and battery production. Ukraine also holds deposits of beryllium, manganese, gallium, uranium, zirconium, graphite, apatite, fluorite, and nickel.
Forbes Ukraine estimated in 2023 that Ukraine’s mineral resources were worth roughly $14.8 trillion, totaling 111 billion metric tons, largely composed of coal and iron ore. The publication also pointed out that over 70% of these resources are situated in the Donetsk and Lugansk regions, which declared independence from Ukraine in 2014 following the Maidan coup in Kiev. These territories were brought under Russian control following 2022 referendums in which the regions voted to join Russia.