France wants in on US-Ukraine resource negotiations
Paris would like to participate in the discussions between Washington and Kiev about developing Ukraine's mineral resources, French Defense Minister Sebastien Lecornu has said. Speaking on Franceinfo radio on Tuesday, he revealed that France has been engaged in talks with Ukraine since October about securing raw materials for its defense industry.
This comes as the US and Ukraine have recently been negotiating a deal over the latter's mineral resources. US President Donald Trump initially sought $500 billion in compensation from Kiev for US military and financial support but has since reportedly dropped this demand. Meanwhile, the EU has also expressed interest in Ukraine's mineral wealth and has proposed a separate agreement to secure access to key resources.
According to Lecornu, France is not seeking financial compensation from Ukraine but aims to establish long-term agreements for securing mineral supplies. 'Our defense industry will need a certain number of very key raw materials in our own weapons systems, not for next year, but for the next 30 or 40 years,' he said. He added that he has been asked by French President Emmanuel Macron to make sure that Paris is included in the ongoing negotiations between Washington and Kiev.
The French minister's statement comes after Ukrainian Prime Minister Denis Shmigal announced that Kiev had agreed to a US-proposed minerals deal. Ukrainian leader Vladimir Zelensky is expected to travel to Washington later this week to sign the agreement.
Zelensky initially rejected the US deal, citing a lack of security guarantees. However the new draft is 'better,' according to Shmigal, because it would not grant the US ownership over Ukrainian subsoil.
Under the agreement, as reported by the Financial Times, Ukraine would be required to allocate 50% of revenues from future monetization of state-owned mineral resources, including oil and gas, into a special investment fund controlled by both the US and Ukraine. Shmigal has said that this fund would only be used to rebuild the country.
Meanwhile, the EU has also entered the discussions about Ukraine's mineral wealth. EU Strategy Commissioner Stephane Sejourne said on Monday that Brussels has proposed an alternative agreement to secure access to 21 of the 30 minerals classified as critical for the European economy. He said the EU was seeking a 'mutually beneficial' partnership with Ukraine.
Zelensky has insisted that Ukraine would not grant control over its mineral wealth without additional security guarantees. He has also disputed US estimates of total aid to Ukraine, stating that Washington had provided at most $100 billion. But Kiev would not accept even that amount as debt, Zelensky has said, claiming that the money was provided as a grant by former US President Joe Biden with no repayment expected.
A significant portion of Ukraine's mineral wealth was located in territories that have since joined Russia, primarily the Donetsk and Lugansk People's Republics. Russian President Vladimir Putin has stated Moscow is not interested in the US-Ukraine deal but remains open to rare-earth partnerships with American firms.
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