Ukraine has $350 billion worth of natural resources in the Russian-occupied territories, First Deputy Prime Minister and Economy Minister Yulia Svyrydenko said at the ‘Ukraine. Year 2025’ forum in Kyiv on Feb. 23.
The minister's comment comes as Kyiv and Washington negotiate a deal for Ukraine’s natural resources in return for support and security guarantees. The exact value and reserves of Ukraine’s natural resources, which include critical minerals like lithium and titanium, are only estimated and further calculations are underway.
Kyiv turned down the White House’s first proposal stating that it did not contact security guarantees although the U.S. has pressured Ukraine into signing an agreement over the last week. U.S. President Donald Trump first said that he wanted $500 billion in minerals to recuperate American aid to Ukraine.
“The agreement that may emerge must meet the national interests of Ukraine and at the same time be interesting for our partners,” Head of the President’s Office Andrii Yermak said at the forum.
“We view American and European investments in mineral extraction primarily as an element of security guarantees,” he added.
Details of the agreement have not been made public. However, the media leaked the White House’s initial proposal on Feb. 12 revealing that the U.S. is seeking a 50% interest in minerals and other natural resources like oil and gas, as well as critical infrastructure, sparking outrage in Ukraine with some officials calling the deal “colonial.”
Since then, there has been a back and forth, with Kyiv presenting its own proposal to the U.S. during the Munich Security Forum on Feb. 14. If done right, it could be a win-win for Ukraine, several figures in Ukraine’s business community told the Kyiv Independent.
One idea could be sharing a large amount of the resources in the occupied territories, which have resources like gas and lithium, with the U.S. if it helps Ukraine liberate them from Russia, said Ukrainian MP Yaroslav Zhelezniak.
Ukraine will start working to conclude an agreement with the U.S. on Feb. 24, Ruslan Stefanchuk, speaker of Ukraine's parliament, told Japanese media outlet NHK on Feb. 22.
Abbey Fenbert
