Trump wants Ukraine to guarantee US access to rare earths in return for war aid
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A Ukraine-bound Bradley Fighting Vehicle proceeeds to load onto a carrier in North Charleston, South Carolina.
PHOTO: REUTERS
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WASHINGTON – US President Donald Trump said his administration wants an agreement with Ukraine for the war-torn country to offer access to its rare earths resources in return for aiding its defence against Russia.
“We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earth and other things,” Mr Trump said on Feb 3 at the White House. “We want a guarantee. We’re handing them money, hand over fist.”
Mr Trump has said he aims to reach a negotiated end to the nearly-three-year war between Russia and Ukraine, and has often criticised former President Joe Biden’s financial and military support for Kyiv.
He’s also called on Russian President Vladimir Putin to reach an agreement, threatening further sanctions and saying the war has devastated Russia’s economy.
The US has been Ukraine’s largest backer since Moscow’s February 2022 full-scale invasion.
That includes more than US$30 billion (S$40.7 billion) in budget support and almost US$70 billion in security assistance, according to estimates by the Council on Foreign Relations, citing data as of September.
Ukraine has no major known reserves of rare earths, which are predominantly produced in China and play key role in defence and other high-tech industries.
However, the country does hold significant reserves of uranium and several critical minerals including titanium, lithium, and graphite. Kyiv estimates that they could be worth trillions of dollars.
Ukrainian President Volodymyr Zelensky offered Western allies access to what officials said were “trillions of dollars” of raw materials as part of his “Victory Plan” presented in 2024 to Western leaders, as well as to Mr Trump.
Ensuring Ukraine’s security and its ability to keep the territory with the deposits out of Russian hands are key elements of that plan.
Mr Trump on Feb 3 called on European allies to provide more support for Ukraine. “It’s more important for them than it is for us, but they’re way below us in terms of money,” he said.
The US president has also said he plans to lean on China to press Mr Putin
“They have a great deal of power over that situation,” Mr Trump said in late January, adding he discussed the issue with President Xi Jinping. BLOOMBERG
