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Russian President Vladimir Putin has confirmed that he is open to allowing US companies access to Russia and Ukraine’s rare earth mineral reserves, including in occupied Ukrainian territories.
Some shit you should know before you read: Since the war in Ukraine broke out, Russia’s economy has continued to weaken under crippling sanctions imposed by Western nations, targeting key sectors such as energy, banking, and technology. Clear indicators of economic decline include Russia’s shrinking GDP, soaring inflation, and a sharp decrease in foreign investments, all of which continue to show signs of major collapse. Some analysts say the only reason Russia’s economy has not fully crumbled is due to China’s strategic purchases of Russian natural resources, particularly gas, which have provided a critical lifeline.
What’s going on now: While speaking on Monday, Russian President Vladimir Putin stated that he is open to cooperating with US companies to exploit Russia’s extensive reserves of rare earth minerals, including in occupied Ukrainian territories. Putin said, “It is important to emphasize that Russia possesses significantly — I want to stress this — significantly larger resources of this kind than Ukraine. Russia is one of the uncontested leaders when it comes to rare and rare-earth metal reserves.” He added, “The same is true for the new territories: We are open to foreign partnerships. Our historical territories that have become part of the Russian Federation again also hold certain reserves. We are ready to work there with international partners, including Americans.”
Both Russia and Ukraine are rich with vast deposits of rare earth minerals, which are essential for producing semiconductors, renewable energy components, and other high-tech products. According to Forbes, approximately 70% of Ukraine’s $14.8 trillion trove of critical mineral resources are located in the regions of Donetsk, Dnipropetrovsk, and Luhansk—areas heavily contested or occupied by Russian forces.
This all comes as the US and Ukraine engage in ongoing negotiations over a rare earth mineral deal, with Washington seeking access to Ukrainian deposits to offset billions of dollars in military aid. Initially, Ukrainian President Volodymyr Zelenskyy was hesitant to agree due to concerns over insufficient security guarantees. However, recent statements from US & Ukrainian officials indicate that negotiations are in the final stages, with nearly all key details finalized.
