Trump wants Russia rare earths deal

Such cooperation would be “great” for both Washington and Moscow, the US president believes.

US President Donald Trump has signaled openness to the idea of jointly developing Russia’s mineral deposits, a proposal put forward by President Vladimir Putin earlier this week following a meeting with top officials and rare-earth metal industry experts.

Moscow is prepared to collaborate with Washington on developing rare-earth mineral deposits, including those in Russia’s Donetsk and Lugansk People’s Republics, as well as the Kherson and Zaporozhye regions, Putin said on Monday.

When asked on Tuesday whether he and Putin had discussed the possibility of such a deal, Trump acknowledged his interest.

“I’d like to buy minerals on Russian land, too, if we can… They have very good rare earths, also, and oil and gas. Look, it’s a great thing,” Trump told journalists at the White House. “It’s great for Russia, too, because we could do deals there. They have very valuable land that isn’t utilized. So something like that could take place, yeah.”

Russia has the 4th largest rare earth reserves in the world. https://t.co/VBNVKIrthY

— Kirill Dmitriev (@kadmitriev) February 25, 2025

Putin noted that Moscow would prioritize its own development of rare-earth minerals due to their strategic importance across multiple economic sectors. However, he added that Russia was open to cooperation with international partners, including Americans, should they express interest.

Trump’s administration has shown increasing interest in rare earth and other metals as part of the US president’s push to secure returns on American “investments” in the Ukraine conflict. Trump has been demanding the equivalent of up to $500 billion in natural resources as compensation for aid already provided to Kiev. After multiple delays, Kiev has reportedly agreed to the deal, with Ukraine’s Vladimir Zelensky expected to visit Washington on Friday to sign the agreement.

“I hear that he’s coming on Friday. Certainly, it’s okay with me if he’d like to sign it together with me, and I understand that’s a big deal, very big deal… the American taxpayer now is going to get their money back plus,” Trump said.

The rare earths deal Trump is pursuing with Ukraine “doesn’t concern” Moscow, Putin said in an interview with Rossiya 1 TV journalist Pavel Zarubin, noting that the actual value of Ukraine’s mineral deposits remains uncertain.

Before the escalation of the Ukraine conflict in 2022, the country held Europe’s largest titanium and lithium reserves. While these metals are not classified as rare-earth elements, they are crucial for the defense sector, as well as for battery and capacitor production. Ukraine’s rare-earth metal deposits also include beryllium, manganese, gallium, uranium, zirconium, graphite, apatite, fluorite, and nickel.

In 2023, Forbes Ukraine estimated that the country’s mineral resources were worth approximately $14.8 trillion, amounting to 111 billion metric tons, with coal and iron ore making up the majority. However, the publication noted that over 70% of these resources are located in the Donetsk and Lugansk regions, which declared independence from Ukraine in 2014 following the Western-backed Maidan coup in Kiev. These territories came under Russian control after referendums in 2022, when the regions voted to join Russia.