Trump Wants Ukrainian Rare Earths Deal In Return For U.S. Aid

President Donald Trump says he wants a deal with Ukraine for the war-torn country to offer access to its rare earths resources in return for aiding its defense against Russia.

Trump has said he aims to reach a negotiated end to the nearly-three-year war between Russia and Ukraine and has often criticized former President Joe Biden’s financial and military support for Kyiv. He’s also called on President Vladimir Putin to reach an agreement, threatening further sanctions and saying the war has devastated Russia’s economy.

The U.S. has been Ukraine’s largest backer since Moscow’s full-scale invasion in February 2022. That includes more than $30 billion in budget support and almost $70 billion in security assistance, according to estimates by the Council on Foreign Relations, citing data as of September.

As part of his “Victory Plan” presented last year to western leaders, Ukrainian President Volodymyr Zelenskiy offered western allies access to what officials said were “trillions of dollars” of raw materials, including uranium, titanium and lithium. Ensuring Ukraine’s security and its ability to keep the territory with the deposits out of Russian hands are key elements of that plan.

China dominates the production and sales of rare earths, a group of minerals key to green energy and advanced weapons, among other uses. The country controls about 70% of output and more than 90% of refining, Bloomberg said.