Ukrainian President Volodymyr Zelensky welcomed an offer from President Donald Trump that gives financial aid to Ukraine in exchange for the country's valuable natural resources.
This week, Trump signaled that, among other provisions in a possible deal, he would be willing to fund Zelensky’s effort against Russia in exchange for rare Ukrainian minerals.
Zelensky embraced the terms, saying, “If we are talking about a deal, then let's do a deal, we are only for it,” during an interview with Reuters on Friday. "The Americans helped the most, and therefore the Americans should earn the most. And they should have this priority, and they will. I would also like to talk about this with President Trump."
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Trump initially expressed support for the idea during remarks to reporters gathered in the Oval Office on Monday.
“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,” the president said. “I want security of the rare earth, and they’re willing to do it.”
Rare earth elements are valuable resources that are, in many cases, controlled by China. Elements such as lithium, gallium, neodymium, tantalum, and tungsten are critical to the production of items including smartphones, automobiles, solar panels, and cutting-edge military equipment.
Trump's comments came after the Ukrainian government floated components of a similar plan in October 2024 that offered countries “a special agreement for the joint protection of [Ukraine’s] critical resources, as well as joint investment and use of this economic potential” in exchange for financial aid to be used against Russia.
“This involves natural resources and critical metals worth trillions of U.S. dollars, including uranium, titanium, lithium, graphite, and other strategically valuable resources, which are a significant advantage in global competition,” Zelensky said at the time.
The U.S. is by far the largest global contributor to the Russian-Ukrainian war, giving roughly $183 billion to Kyiv as of September 30, 2024, before the Biden administration sent Zelensky $275 million in November, nearly $1 billion in December, and another $500 million in January.
The war between Russia and Ukraine has stretched into a nearly three-year-long battle that has exhausted both countries’ resources. Russian casualties are approaching one million dead and wounded while Trump has suggested 700,000 Ukrainian troops have been killed, although Zelensky has stated he has only lost 43,000 soldiers.
The drawn-out conflict has also put a strain on countries weary of continuing billions in aid to Zelensky’s defense against Moscow. The Trump administration's “America First” foreign policy agenda could pose a particular challenge to Zelensky’s push to keep the lines of U.S. aid flowing to his country. Secretary of State Marco Rubio announced on January 30 that the America First agenda meant the State Department would focus on strengthening ties to countries near the U.S. mainland in the Western Hemisphere, thousands of miles away from Ukraine.
Still, Trump has not said he would withdraw aid from Kyiv, instead lamenting the loss of life due to the conflict, placing pressure on European countries to increase aid to Kyiv, urging Zelensky and Putin to make a deal, and espousing support for bringing the Ukraine war to a swift end.
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“There should be an immediate ceasefire and negotiations should begin,” Trump said in December. He added that the “war that should never have started, and could go on forever.”
The Ukrainian government and the White House have been in regular contact since Trump took office. Zelensky is expected to meet with Trump next week, ahead of the February 14-16 Munich Security Conference.