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The country has a bounty of minerals and other natural resources, including gas and oil, but they may not be easy to extract.
Feb. 25, 2025, 5:12 p.m. ET
Officials in Ukraine and the Trump administration say they are close to a deal that would give the United States revenues from Ukraine’s minerals and other natural resources, including titanium, lithium, oil, natural gas and rare earth elements.
Critical mineral deposits in Ukraine
Titanium
Lithium
Cobalt
Other critical minerals
Ukraine holds
territory in Russia’s
Kursk region.
BELARUS
RUSSIA
Kyiv
UKRAINE
Area
controlled
by Russia
MOLD.
ROMANIA
CRIMEA
Critical mineral deposits in Ukraine
Titanium
Lithium
Cobalt
Other critical minerals
RUSSIA
BELARUS
Ukraine holds
territory in Russia’s
Kursk region.
POLAND
Lviv
Kyiv
Kharkiv
UKRAINE
Dnipro
Area controlled
by Russia
MOLDOVA
Odesa
ROMANIA
CRIMEA
A draft agreement seen by The New York Times described the creation of an U.S.-controlled fund that receives revenue from Ukraine’s natural resources. It did not offer any security guarantees.
What are Ukraine’s natural resources?
Ukraine, the largest country wholly within Europe, controls more than 100 major deposits of critical minerals, according to a study by the Kyiv School of Economics, along with modest oil and natural gas reserves.
Ukraine has deposits of 20 of the 50 minerals the U.S. Geological Survey lists as critical for America’s economic development and defense, including:
Titanium is used in construction, airplanes, orthopedic implants and as an additive in paint and cosmetics, including sunscreen, among many other things. Titanium mines in central Ukraine account for about 6 percent of global production, according to Ukrainian media.
Lithium is a crucial element in batteries, including those in electric vehicles, and in other industrial products, including some medications. Ukraine has a third of Europe’s total reserves, although some sites are in war-contested areas. Before the war with Russia, Ukrainian officials suggested to Elon Musk that he invest in Ukrainian lithium mines.
Uranium is used in nuclear power plants and nuclear weapons. Ukraine has the largest uranium reserves in Europe.
Rare earths are a group of more than a dozen metals, much less abundant than Titanium or Lithium, that are used in many high-tech sectors, including green energy, electronics and aerospace. Ukraine has substantial reserves that are mostly untapped, and it is unclear how expensive they would be to extract.
What does Trump want?
Mr. Trump says he wants revenue from the minerals as repayment for military aid that the United States has provided to Ukraine.
