Ukraine has deposits of 22 of the 34 minerals identified by the European Union as critical, according to Ukrainian data. They include industrial and construction materials, ferroalloy, precious and non-ferrous metals, and some rare earth elements.
Ukrainian president Volodymyr Zelenskyy has been trying to develop these resources, estimated to be worth more than $15tn, based on figures provided by Forbes Ukraine, for years.
Rare earth minerals, of which Ukraine has significant reserves, are vital raw materials for a wide range of technology, including most modern batteries and some military technology.
Meanwhile, Ukraine’s Black Sea reserves contain up to 2 trillion cubic meters of natural gas, 80% of which are controlled by Russia. Furthermore, around $7.5tn of Ukraine’s mineral resources, which is around 53% of the country’s total, are contained in the four regions Russia’s leader Vladimir Putin illegally annexed in September 2022.
Zelenskyy warned against allowing Russia to maintain control over such valuable and strategic resources, saying Putin was not just grabbing the land and the minerals within it, but that he could then provide the regimes in North Korea or Iran access to the vital materials. Also, control over Ukraine’s resources will shape Russia’s regional influence and Europe’s energy security.
US President Donald Trump has suggested that future military aid to Ukraine could be dependent on Kyiv committing to a trade agreement that grants America access to its rare earth minerals
