US President Trump was first to demand access to the country’s resources, but Ukraine’s Zelensky has so far reportedly “politely declined”

Ukrainian Prime Minister Denis Shmigal wrote that his country possesses vast reserves of uranium, lithium, and other mineral resources “critical” to the survival of the European Union in an article for Politico on Friday, promising EU officials and businesses “hundreds of billions of dollars” in potential profits.

US President Donald Trump recently demanded the “equivalent of $500 billion worth of rare earths” from Ukraine in exchange for what he estimated to be “more than $300 billion” Washington had already provided to Kiev in various forms of aid.

At the Munich Security Conference on Friday, Ukrainian leader Vladimir Zelensky reportedly “politely declined” to sign a document that would allegedly grant the US the right to 50% of Ukraine’s future mineral reserves. 

Dismissing accusations of “selling out what remains of Ukraine,” Zelensky had previously insisted that he wants to establish a mutually beneficial partnership rather than simply giving the country’s natural resources away.

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“Ukraine’s subsoil contains 22 out of the 30 minerals listed as critical for the EU… We are ready to set up joint ventures in this area, which would undoubtedly lead to a strategic advantage for the EU,” Shmigal wrote in his article, in which he touted potential benefits EU officials could reap from further cooperation with Kiev.

He went on to claim that investing in Ukraine’s reconstruction would boost the entire European economy and consolidate the bloc.

“We are talking about hundreds of billions of dollars that European businesses could be involved in, as well as the creation of production and jobs both here and in the bloc’s countries,” Shmigal wrote, adding that “anyone who sees their own prospects would want to take part in it.”

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“We aren’t a country that’s come begging to join the EU for the sake of obtaining public funds, preferences, or benefits. We’re a country that knows its worth and is honest with its allies,” he added, claiming that Kiev is a backbone of European security and that the bloc “might not survive without us.”

According to the 2024 World Economic Forum report, Ukraine “holds immense potential as a major global supplier of critical raw materials” that could be “essential” for defense, high-tech, and green energy industries. The nation boasts Europe’s largest titanium and lithium reserves, although these are not classified as rare-earth elements.

However, Zelensky acknowledged last week that Kiev does not control much of the resources Trump wants, insisting that Ukraine’s Western backers must first help push Russian forces out of mineral-rich territories before they can invest in rare-earth resources.

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Questions also remain regarding Zelensky’s legitimacy and legal status, since the Ukrainian leader’s presidential term expired in May 2024, but he has refused to hold elections since, citing martial law. 

“It’s possible to negotiate with anyone. However, due to his illegitimacy, [Zelensky] has no right to sign anything,” Russian President Vladimir Putin said in January, stressing that any potential peace agreement between Moscow and Kiev must be watertight from a legal standpoint.

Trump has also acknowledged that Kiev would eventually have to hold elections and noted that Zelensky might not see another term as his domestic poll numbers “aren’t particularly great, to put it mildly.”