Ukraine - Mineral Resources Worth Nearly $15 Trillion

The anticipated agreement between the Ukrainian government and the US administration on the exploitation of the European country's mineral resources at odds with Russia was not signed as expected on February 28, as a White House meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky turned into a heated confrontation in front of the cameras.

The Trump administration has expressed interest in Ukraine's reserves of rare earths - a group of 17 chemically similar elements that are essential for the manufacture of high-tech products, including speakers and computer hard drives.

According to the Geological Survey of Ukraine, the country has mineral resources worth nearly $15 trillion, making it one of the richest countries in Europe. The country is home to the continent's largest reserves of lithium, titanium and uranium.

The institution's data, cited by visualcapitalist.com, shows that Ukraine holds 5% of the world's mineral resources, including 23 of the 50 materials considered critical by the US government. These include: titanium - used in aerospace and military applications; graphite - essential for battery production; lithium - a key component of lithium-ion batteries; beryllium - vital for defense and telecommunications; rare earth elements - essential for the electronics, renewable energy and defense industries.

Access to Ukraine's rich resources could strengthen US supply chains and reduce dependence on China, which dominates rare earth processing, notes visualcapitalist.com. However, securing investment and stable extraction remains a challenge amid the ongoing conflict with Russia.

For the time being, after the Trump-Zelensky confrontation last week, the agreement on Ukraine's mineral resources is no longer on the table, according to US Treasury Secretary Scott Bessent, quoted by CBS. The US official said: "All President Zelensky had to do was come and sign this economic agreement, but he decided to blow it all up. At this point, the deal is no longer on the table. We have to see if President Zelensky wants to move forward. What is the point of having an economic agreement that will become irrelevant if he wants the fight to continue?"

• EU proposes its own agreement on "critical materials" in Ukraine

The European Union (EU) proposed its own agreement on "critical materials" to Ukraine in late February, as officials in Washington and Kiev were preparing to sign an agreement in this regard.

According to Politico, the European Commissioner for Industrial Strategy, Stephane Sejourne, presented the proposal to Ukrainian officials in Kiev during a visit by the European Commission, which marked the three-year anniversary of Russia's invasion of Ukraine. Sejourne said, quoted by AFP: "21 of the 30 critical materials that Europe needs can be provided by Ukraine in a win-win partnership. The added value that Europe offers is that we will never ask for an agreement that is not mutually beneficial."