A proposed US-Ukraine minerals deal is likely to provide insight into how the war-torn country could be divided as part of any peace settlement – and it appears close
The European Union is reportedly making moves to secure its own deal for a share of Ukraine’s mineral wealth. It comes amid rumours that Donald Trump and Kyiv are on the brink of signing an agreement this week.
Since Mr Trump’s return to the White House, US-Ukrainian relations have become increasingly strained and this week Donald Trump is ramping up pressure on Ukrainian President Volodymyr Zelenskyy to sign away up to 50% of its mineral supplies in exchange for more weapons. If a deal is reached between Trump and Kyiv it would grant US mining rights as part of a peace agreement.
Stephane Sejourne, the EU’s industry commissioner claims: “Twenty-one of the 30 critical materials Europe needs can be provided by Ukraine in a win-win partnership. The added value Europe offers is that we will never demand a deal that’s not mutually beneficial,” the French official stated after meeting with Ukrainian officials.
READ MORE: Meet and greet parking firm ‘crashed couple’s £157k BMW and dumped it in hedge’
His remarks came as Ukrainian officials indicated they were nearing a deal with the US over access to Ukraine’s minerals. Trump has been promoting the £395 billion ($500 billion) agreement, seeking compensation for his country’s wartime support for Kyiv, saying: “I want them to give us something for all of the money that we put up.”
But there is more to the deal than just the minerals agreement, Olha Stefanishyna, Ukraine’s deputy prime minister, said: “The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture.”
European lawmaker Mr Sejourne’s remarks are being seen as an effort to get in on the action regarding President Trump’s anticipated deal. Brussels’ interference would likely increase tensions across the Atlantic, amidst his attempts to mediate between Ukraine and Russia.
The European Commission tried to clarify matters on Tuesday, dismissing any notion of a fresh proposal from Mr Sejourne following his visit to Kyiv. A commission spokesperson explained that he was alluding to an existing 2021 memorandum with Kyiv concerning critical materials, insisting: “This is about cooperation with Ukraine, not competition with the US.”
The proposed US-Ukraine minerals deal is likely to provide insight into how the war-torn country could be divided as part of any peace settlement. Many of Ukraine’s mineral deposits are located in territories currently occupied by Russian forces but earlier this week Putin expressed his willingness to grant the US access to rare earths in both Russia and occupied Ukraine, reports The Telegraph.
During his first term in the White House, Mr Trump sought to restrict China’s access to advanced technology, including semiconductors and electric vehicles. Rare earths and other minerals are crucial components of these technologies, and the US is eager to secure its own supply. The essential materials for the production of these technologies are sourced from beneath Ukraine and Russia.
