Former U.S. President Donald Trump is reportedly seeking half of the revenue from Ukraine’s mineral resources and veto power over licensing in exchange for providing security guarantees if a peace agreement is reached between Moscow and Kyiv, according to leaked documents.
Trump had previously suggested that Ukraine should compensate the U.S. for financial and military support by granting Washington access to its vast but largely untapped rare earth mineral reserves. However, newly revealed documents indicate that a potential deal could extend U.S. access beyond rare earths to Ukraine’s ports, infrastructure, and oil and gas resources.
Ukrainian President Volodymyr Zelensky has expressed willingness to negotiate a deal with Trump that involves U.S. participation in the development of Ukraine’s significant deposits of rare earth minerals and other crucial resources.
The Kremlin responded swiftly to these reports, asserting that they highlight how the U.S. is no longer offering aid to Ukraine without conditions. A Kremlin spokesperson further stated that Russia is opposed to Trump providing any form of assistance to Kyiv.
However, according to a newly surfaced draft agreement obtained by The Telegraph, the U.S. and Ukraine would establish a joint investment fund to ensure that “hostile parties to the conflict do not benefit from the reconstruction of Ukraine.”
The document, labeled “Privileged & Confidential” and dated February 7, reportedly outlines terms regarding Ukraine’s economic assets, including “mineral resources, oil and gas resources, ports, and other infrastructure (as agreed).”
Under the proposed agreement, the U.S. would receive 50 percent of Ukraine’s recurring revenues from resource extraction, along with half of the financial value from “all new licenses issued to third parties” for future resource monetization, The Telegraph reported.
The contract, which was allegedly drafted by private legal firms rather than the U.S. Department of State or the Department of Commerce, further specifies: “For all future licenses, the U.S. will have a right of first refusal for the purchase of exportable minerals.”
According to the documents seen by The Telegraph, the joint investment fund “shall have the exclusive right to establish the method, selection criteria, terms, and conditions” for all future licenses and projects.
Rare earth minerals, a group of 17 metals, play a critical role in modern technology, as they are used in magnets that convert power into motion for applications such as electric vehicles, smartphones, missile systems, and various electronics. Currently, there are no viable substitutes for these essential materials.
The U.S. Geological Survey classifies 50 minerals as critical, including multiple rare earth elements, nickel, and lithium.
Ukraine possesses deposits of 22 of the 34 minerals that the European Union has identified as critical, according to data from Ukraine’s Economy Ministry. These resources include industrial and construction materials, ferroalloys, precious and non-ferrous metals, and some rare earth elements.
Zelensky recently stated that Russian forces currently control approximately half of Ukraine’s rare earth mineral deposits.
Ukraine is also known for its significant coal reserves. However, much of this coal-rich land is now under Russian occupation.
In addition to rare earth elements, Ukraine is regarded as a potential key supplier of lithium, beryllium, manganese, gallium, zirconium, graphite, apatite, fluorite, and nickel, according to the World Economic Forum.
The ongoing war has inflicted severe destruction across Ukraine, with Russia now controlling roughly one-fifth of Ukrainian territory. Ukraine’s coal reserves, which were once essential for its steel industry, are largely concentrated in the east—an area that has been largely lost to Russian occupation.
According to estimates by Ukrainian think tanks We Build Ukraine and the National Institute of Strategic Studies, roughly 40 percent of Ukraine’s metal resources are now under Russian control, based on data from the first half of 2024.
The specifics of any agreement between the U.S. and Ukraine will likely be refined in future discussions between officials from both countries.