Russian President Vladimir Putin said he would allow his U.S. counterpart Donald Trump access to rare earth metals in Ukraine's annexed regions as part of a future deal.
Newsweek has contacted the Russian Foreign Ministry for comment by email.
Why It Matters
Kyiv and Washington are reported to be closing in on signing a deal to allow the U.S. access to Ukraine's mineral deposits. Trump has said he wants access to Ukraine's rare earth minerals as a condition for continuing U.S. support for Kyiv in its defense against Moscow's aggression.
Ukraine holds trillions of dollars worth of rare earth elements, which are critical for the modern high-tech economy. President Volodymyr Zelensky offered his Western allies access to the materials as part of his five-point "Victory Plan" unveiled in October 2024.
What To Know
Speaking with Pavel Zarubin, a Russian propagandist and host of Moscow. Kremlin. Putin on the state-run channel Russia-1, the Russian president said that he would consider extending a potential rare earth metals exploration deal with the U.S. to Ukraine's occupied regions.
"We would be ready to offer [cooperation] to our American partners—when I say 'partners,' I mean not only administrative and government structures, but also companies—if they showed interest in working together," said Putin.
The Russian president told Zarubin that Russia is "one of the undisputed leaders in reserves of these rare and rare earth metals."
"We have them in the North—in Murmansk, in the Caucasus—in Kabardino-Balkaria, in the Far East, in the Irkutsk region, and in Yakutia, in Tuva," Putin said. "These are quite capital-intensive investments, capital-intensive projects. We would be happy to work together with any foreign partners, including the Americans."
Putin added that Ukraine's annexed regions—what he calls Russia's "new territories"—are also rich in rare earth elements. However, the international community does not recognize Russia's annexation and continues to consider these regions part of Ukraine.
According to Forbes, some 70 percent of Ukraine's $14.8 trillion trove of critical mineral resources are located in the regions of Donetsk, Dnipropetrovsk and Luhansk. Russia currently controls a large portion of the Luhansk and Donetsk regions—collectively known as the Donbas.
In 2022, months into Russia's full-scale invasion of Ukraine, Canadian geopolitical risk firm SecDev estimated that Moscow controlled at least $12.4 trillion worth of Ukraine's energy, metal, and mineral deposits, according to an analysis for The Washington Post.
Putin said: "Yes, by the way, regarding new territories, the same thing: we are ready to attract foreign partners, and our so-called new historical territories, which have returned to the Russian Federation, there are also certain reserves there. We are ready to work with our foreign partners, including the Americans, there."
"In the new regions too?" asked Zarubin.
"Yes, of course," Putin responded.
The Russian president said he would also be prepared to sell "about 2 million tons" of aluminum to the U.S. market, provided Washington lifts sanctions restricting the import of Russian metals.
Kyiv and Washington were reported on February 22 to be close to reaching a deal on Ukraine's rare earth minerals.
Olga Stefanishyna, deputy prime minister for European and Euro-Atlantic integration, also said Monday that the two nations were "in the final stages of negotiations regarding the minerals agreement."
What People Are Saying
Olga Stefanishyna, deputy prime minister for European and Euro-Atlantic integration, said on X: "Ukrainian and U.S. teams are in the final stages of negotiations regarding the minerals agreement. The negotiations have been very constructive, with nearly all key details finalized. We are committed to completing this swiftly to proceed with its signature. We hope both US and UA leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come."
Ukrainian President Volodymyr Zelensky said in his nightly address to the nation on February 21: "Today, Ukrainian and U.S. teams are working on a draft agreement between our governments. This agreement can add value to our relations—what matters most is getting the details right to ensure it truly works. I look forward to a just result."
What Happens Next
The U.S. and Russia are engaged in ongoing discussions to negotiate a potential peace deal to end the war—without Ukraine's involvement. White House Press Secretary Karoline Leavitt told reporters on February 22 that Trump is very confident a deal could be finalized as soon as this week.
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