Trump to offer Russia minerals access for Ukraine peace

The United States may offer Russia access to its critical minerals alongside other economic incentives in an effort to bring an end to the war in Ukraine, according to The Telegraph.

U.S. President Donald Trump is prepared to let Moscow tap into its natural resources in Alaska and lift some sanctions on Russia’s aerospace industry, the British paper reported on Wednesday evening. Another key element of the proposal is granting Russia access to rare earth deposits in Ukrainian territories currently under Russian occupation.

The deal will likely be presented to Russian President Vladimir Putin during an upcoming meeting in Anchorage, says The Telegraph. The meeting, scheduled for Friday, represents the first between the nations’ leaders since Trump’s re-election in 2024.

Possible joint ventures

U.S. Treasury Secretary Scott Bessent is said to be coordinating the economic package, which could involve joint mining ventures to speed up the development of mineral deposits in Ukraine. The Eastern European nation is said to host significant deposits of critical minerals, most of which are unexplored.

The Ukrainian Geological Survey estimates that its critical minerals account for 5% of the world’s total. Amongst the most prominent are graphite, with 19 million tonnes reportedly in reserves, and lithium, for which it holds about a third of Europe’s endowment. Other key minerals featured in the state agency database are copper, lead, zinc, silver, nickel, cobalt, manganese and rare earth elements.

However, the reliability of Ukraine’s geological surveys is unclear as some of them date back to Soviet times, analysts say.  

Oil rights possible

In addition to minerals on the ground, the U.S. deal could also involve giving Russia development rights in the oil and gas-rich Bering Strait, a region estimated to hold 13% of the world’s oil reserves.

U.K. officials told The Telegraph that the proposed measures may be acceptable to European leaders — many of whom had expressed concerns over Ukraine’s exclusion from the summit.

Ahead of the summit, Trump told Fox News Radio that no comprehensive peace deal will happen without Ukraine’s participation. Meanwhile, European leaders and Ukrainian President Volodymyr Zelenskyy have strongly opposed any agreement that sidelines Ukraine or requires it to cede territory.

Earlier this week, Trump held a video call with Zelenskyy and other European leaders, emphasizing that securing a ceasefire is the top priority of his meeting with Putin.