In a surprising move, Russian President Vladimir Putin announced his openness to providing the United States with access to rare minerals, including resources from Russian-occupied Ukraine. This proposal comes as US President Donald Trump has been advocating for Ukraine to surrender some of its mineral wealth in exchange for American support, as per a Ukrainian minister.
During a state TV interview, Putin expressed his willingness to engage in joint resource projects with American partners, specifically in mining activities within Russia's newly acquired territories—regions of eastern Ukraine occupied by Russia following its full-scale invasion three years ago. The proposal also includes potential collaboration on aluminium extraction and supply to the US to help stabilize market prices.
Putin countered Trump's demands for Ukrainian mineral access by emphasizing Russia's readiness to cooperate with foreign partners, including companies interested in mining resources. He assured that Russia possesses significantly more of these resources compared to Ukraine.
Putin highlighted Russia's openness to attracting foreign partners to its "new" historical territories, now reintegrated into the Russian Federation. He further suggested collaboration opportunities in aluminium production in Krasnoyarsk, Siberia, where Rusal, a major Russian aluminium manufacturer, operates its largest smelters.
These comments were made following a Russian cabinet meeting focused on natural resources. On Tuesday, Kremlin spokesman Dmitry Peskov noted that the proposal presents broad prospects, given the US's need for rare earth minerals and Russia's abundant supply.
Putin's offer comes amid ongoing negotiations between Ukraine and the US. The Trump administration has been pressing Ukraine to finalize a deal granting the US access to its mineral deposits. Ukraine estimates that it holds approximately 5% of the world's critical raw materials, though some deposits have fallen under Russian control since the 2019 invasion.
Trump previously stated that US military and economic aid to Ukraine amounts to around $500 billion (£396bn), suggesting the US should have access to Ukrainian minerals of equivalent value. Meanwhile, Ukraine's President Zelensky has disputed these figures and seeks security guarantees as part of any agreement.
On Monday, Olga Stefanishyna, Ukraine's deputy prime minister for European and Euro-Atlantic integration, described the negotiations as constructive, with nearly all key details finalized. The European Union has also shown interest in a partnership with Ukraine, aiming to gain access to its minerals, which Stéphane Séjourné, the European Commissioner for industrial strategy, described as a "win-win."
As the situation progresses, the geopolitical implications of these mineral access negotiations will continue to unfold, impacting global resource politics and economic alliances.
