Latest news with #CriticalMineralsandRare-EarthsDeal
Axios
25-02-2025
- Business
- Axios
Inside the proposed U.S.-Ukraine minerals deal
The U.S. and Ukraine are closing in on minerals agreement worth hundreds of billions of dollars under which the U.S. would express its desire to keep Ukraine "free, sovereign and secure," according to a draft obtained by Axios. Why it matters: The Trump administration sees the agreement as a way to get a return on U.S. investment in Ukraine, which has vast untapped mineral wealth. Ukrainian officials see the deal as a way to halt the deterioration of relations with the Trump administration and establish a longer-term partnership with the U.S. A Ukrainian official told Axios a deal is close and could be signed as soon as Monday. The official said the document Axios has reviewed is the most recent version, but could still be amended. Ukrainian Deputy Prime Minister Olga Stefanishyna confirmed in an X post Monday that the sides were close to a deal, and said signing it would "showcase our commitment for decades to come." The latest: At the top of his meeting with French President Emmanuel Macron in the oval office on Monday, President Trump said Ukrainian President Volodymyr Zelensky could come to the White House "this week or next week" to sign the minerals deal. Trump earlier wrote on Truth Social after a G7 virtual meeting on Monday marking three years since Russia's invasion of Ukraine that he "emphasized the importance of the vital Critical Minerals and Rare-Earths Deal between the United States and Ukraine, which we hope will be signed very soon!" He added that the deal will help "the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end." Driving the news: The draft agreement calls for the establishment of a "Reconstruction Investment Fund" that will be co-managed by the U.S. and Ukraine. Key quote: "The Government of the United States of America intends to provide a long-term financial commitment to the development of a stable and economically prosperous Ukraine," the draft says. It adds that the fund will be designed "so as to invest in projects in Ukraine and attract investments to increase development," including in areas like mining and ports. But it also suggests the U.S. will recoup some of its expenditures related to "defending, reconstructing, and returning Ukraine" to its pre-war GDP. Between the lines: Zelensky infuriated Trump by rejecting an initial U.S. proposal, but said Monday at the G7 leaders meeting that he hoped to sign an agreement in Washington soon. He told reporters Sunday that the U.S. side had dropped a demand that it receive $500 billion from Ukrainian minerals projects — a sum Zelensky noted was far more than the U.S. had contributed to Ukraine. Zelensky rejected the idea of treating aid to Ukraine as a debt that must be repaid, and added that the agreement must include U.S. military support for Ukraine. The intrigue: The draft seen by Axios expresses a desire that Ukraine remain free, but does not specify any U.S. military commitment. It also stipulates that Ukraine must contribute $500 billion to the fund — and that Ukraine's contributions must be double the U.S contributions — but it does not call for that sum to be paid to the U.S. The draft calls for 50% of Ukraine's revenues (minus operating expenses) from "extractable materials" — including minerals, oil and gas — be paid into the fund. Bloomberg first reported on aspects of the proposed deal. Worth noting: The text contains a provision referring to projects in areas "temporarily occupied by the Russian Federation, in the event such areas are de-occupied." Much of Ukraine's mineral wealth is in the war-torn east. What's next: The draft seen by Axios calls for the U.S. Treasury and Commerce Departments, along with Vice President Vance's office, to work out the details of the arrangement with Ukraine's Economy Ministry after the initial framing document is signed. At the bottom, the document has spaces for the signatures of Secretary of State Marco Rubio and his Ukrainian counterpart, Andrii Sybiha. Sources on both sides have told Axios a deal is looking increasingly likely, and could be announced soon. Editor's note: This story has been updated with additional details.
USA Today
25-02-2025
- Business
- USA Today
A fortune in rare earths, Zelenskky visit, Putin reaction: What to Know
A fortune in rare earths, Zelenskky visit, Putin reaction: What to Know Show Caption Hide Caption Zelenskyy said he is willing to step down to join NATO, blasts Trump Ukrainian President Zelenskyy said he would step down if it meant Ukraine could join NATO. He also blasted Trump's mineral reserves proposal. As President Donald Trump works to strike a deal to end the three-year war in Ukraine, an important piece of the negotiations for the president has revolved around accessing rare earth elements from the war-torn country as compensation for American military support. During a meeting with French President Emmanuel Macron in the White House on Monday, Trump said that the agreement was 'very close to a final deal.' 'The agreement's being worked on now . . . they're very close to a final deal. It'll be a deal with rare earths and various other things,' he said, adding that Ukrainian President Volodymyr Zelenskyy might come to the Oval Office as early as this week to sign the agreement. In a post on Truth Social on Monday, Trump wrote that during the Group of Seven summit earlier in the day, he had emphasized the importance of the 'vital 'Critical Minerals and Rare-Earths Deal' between the United States and Ukraine.' 'This deal, which is an 'Economic Partnership,' will ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end,' he wrote. Concurrently, he said he was 'in serious discussions with President Vladimir Putin of Russia concerning the ending of the War.' Russia launched its invasion of Ukraine on February 24, 2022, Meanwhile, U.S. opposed a Europe-backed U.N. resolution on Monday, condemning Russian aggression and calling for the immediate withdrawal of Russian forces from Ukraine. What are the rare earths and why does Trump want them? The rare earths are a group of 17 metals that are key ingredients in things such as magnets, batteries, aircrafts and medical imaging and are used in many manufactured items, from cell phones to cars. Crucial in a variety of industries such as health care, power generation, petroleum refining and consumer electronics, they can play a crucial role in national security, energy independence, environmental future and economic growth, according to the U.S. Department of Energy. China, with whom Trump has threatened a trade war, is the world's largest producer of rare earths. About 40% of Ukraine's metal resources are now under Russian occupation, according to Reuters, which cited estimates by Ukrainian think-tanks We Build Ukraine and the National Institute of Strategic Studies. How much did the U.S. spend on the war in Ukraine? Since Russia launched its invasion of Ukraine three years ago, Congress has appropriated $183 billion for Operation Atlantic Resolve and the broader Ukraine response, according to the government's Ukraine Oversight Working Group, a federal oversight committee. In addition, the U.S. provided $20 billion in loans as part of the G7 nations extraordinary revenue acceleration loans a Feb. 10 interview with Fox News, Trump said Ukraine had 'tremendously valuable land in terms of rare earth' and that he wanted the 'hundreds of billions of dollars' the U.S. was spending 'back.' 'I told them that I want the equivalent like $500 billion worth of rare earth. And they've essentially agreed to do that so at least we don't feel stupid,' Trump said, without giving an explanation of where the figure came from. On Feb. 12, Treasury Secretary Scott Bessent presented Zelenskyy a minerals cooperation agreement calling for 50% of Ukraine's mineral and natural resources revenues to go to the U.S. But Zelenskyy refused to sign the agreement as it included no security guarantees for Ukraine. A new agreement is currently being worked on. "We're going to get our money back because it's just not fair," Trump said at the Conservative Political Action Conference on Feb. 22. What is Russian President Vladimir Putin's take on U.S. interest in rare earths? Russian President Vladimir Putin, speaking to state TV Kremlin on Monday, said that a U.S.-Ukraine possible deal involving rare earth metals is not a concern for Russia, according to Reuters. Putin said that potential rare earth metals exploration deals could also be extended to deposits in territory in eastern Ukraine that Russia controls after three years of military action. He also offered the U.S. the opportunity for joint exploration of the country's rare earth metals deposits, as well as the supply of aluminum to the U.S. domestic market, under a future economic deal, reported Reuters. Russia has the world's fifth-largest reserves of rare earth metals, after China, Brazil, India and Australia, according to the U.S. Geological Survey data. Swapna Venugopal Ramaswamy is a White House Correspondent for USA TODAY. You can follow her on X @SwapnaVenugopal
Times of Oman
25-02-2025
- Politics
- Times of Oman
Donald Trump calls France 'Oldest Ally,' Macron stresses shared vision for "long-standing peace"
Washington DC: Former US President Donald Trump described France as America's "oldest ally" and called their partnership a force for peace, while French President Emmanuel Macron reaffirmed the two nations' commitment to "long-standing peace". In a post on X, Trump stated, "France is America's oldest ally. Our cherished partnership has been a force for freedom, prosperity, and peace from the very beginning. -President Donald J. Trump" Macron, in response, underlined France's shared vision with Trump, saying, "Our common objective with President Donald Trump is to build a solid and long-standing peace. The USA and France will always stand on the same side of history." Trump also mentioned that Macron joined him for a virtual G7 meeting, where he again referred to Canadian Prime Minister Justin Trudeau as the "Governor" of Canada. The discussion marked the third anniversary of the Russia-Ukraine conflict. "Today, President Emmanuel Macron of France joined me in the Oval Office to speak to the G7 Summit. The meeting was convened by Governor Justin Trudeau of Canada, the current chair of G7, to acknowledge the Third Anniversary of the Russia-Ukraine War - Which would have never started if I was President. Everyone expressed their goal of seeing the War end, and I emphasized the importance of the vital "Critical Minerals and Rare-Earths Deal" between the United States and Ukraine, which we hope will be signed very soon! This deal, which is an "Economic Partnership," will ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end," Trump write on Truth social. He further claimed that he was engaged in serious discussions with Russian President Vladimir Putin to negotiate an end to the conflict.
Yahoo
24-02-2025
- Business
- Yahoo
Macron meets with Trump as first European leader to visit White House in president's second term
Feb. 24 (UPI) -- President Donald Trump on Monday met with French President Emmanuel Macron, the first European leader to visit the White House since the U.S. president returned to office Jan. 20. Trump and Macron conducted a bilateral meeting and are planning a news conference Monday afternoon on the third anniversary of Russian's invasion of Ukraine. The two leaders gave a message of support to Pope Francis, who is fighting double pneumonia. Reporters were onhand. Macron, during a question and answer on his social media last week, said he would tell Trump: "You can't be weak in the face of President [Vldamir] Putin. It's not you, it's not your trademark, it's not in your interest. How can you then be credible in the face of China if you're weak in the face of Putin?" Earlier the two leaders participated in a Group of Seven leadership call. Trump, in a post on Truth Social after the G7 meeting, said participants "expressed their goal of seeing the war end." He added: "I emphasized the importance of the vital 'Critical Minerals and Rare-Earths Deal' between the United States and Ukraine, which we hope will be signed very soon! This deal, which is an 'Economic Partnership,' will ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end." Trump has demanded a $500 billion share of Ukraine's deposits. Ukrainian President Volodymyr Zelensky has opposed those demands and said he won't sign an agreement that "ten generations of Ukrainians" would need to pay back. Before the meeting between the two presidents, Trump said: "Just so you understand, Europe is loaning the money to Ukraine. They're getting their money back." Macron responded: "No, in fact, to be frank, we paid. We paid 60% of the total effort. It was like the U.S.: loans, guarantees, grants," he said. "We have $230 billion in frozen assets in Europe, Russian assets. But this is not collateral of a loan because it is not our belonging. So they are frozen." Trump then said: "If you believe that, it's OK with me. They get their money back, and we don't. But now we do." The Trump administration began negotiations to end the war without Ukraine's participation. "I am in serious discussions with President Vladimir Putin of Russia concerning the ending of the War, and also major Economic Development transactions which will take place between the United States and Russia," Trump posted. "Talks are proceeding very well!" Macron and other European leaders, who convened an emergency meeting last week in Paris, expressed concern they weren't involved in the talks in Saudi Arabia. Trump is also set to meet with British Prime Minister Keir Starmer at the White House later this week. Britain and France are drawing up plans for a European "reassurance force," which could include up to 30,000 troops to be deployed in Ukraine if there is a peace deal. Starmer has warned that the force would need a U.S. "backstop," which could potentially include security guarantees, intelligence cooperation, air support and heavy lift transport. There have been tensions between Trump and Zelensky. Trump last week called Zelensky a "dictator" and falsely blamed Ukraine for Russia's ongoing assault. Trump said Ukraine has "no cards" to play as negotiations unfold. In Kyiv, Ukraine, more than a dozen leaders participated in commemorative events. They included European leaders and Canadian Prime Minister Justin Trudeau. Trudeau pledged to give 25 light-armored vehicles to Ukraine and to provide the country with the first payment of the $5 billion in funds from seized Russian assets. The United States didn't send a top official to Kyiv for the events.
Al Arabiya
24-02-2025
- Business
- Al Arabiya
Trump says discussing ‘major' economic deals with Putin
US President Donald Trump said Monday that he and Russian leader Vladimir Putin are discussing 'major' economic deals as part of discussions on ending the war started by Moscow's invasion of Ukraine. 'I am in serious discussions with President Vladimir Putin of Russia concerning the ending of the War, and also major Economic Development transactions which will take place between the United States and Russia. Talks are proceeding very well!' Trump posted on his Truth Social platform. Trump issued the statement after being joined by French President Emmanuel Macron at the White House for a conference call with other G7 leaders on the third anniversary of the start of the full-scale Russian invasion. Washington's European allies are scrambling to react to the abrupt shift in US policy since Trump took office last month. After three years of steady US and European support for Ukraine's fight against Russia, Trump has entered talks with Moscow on a settlement – while leaving it unclear how much say Ukraine and European countries will be allowed in shaping the terms. Russia has been under crushing international sanctions spearheaded by former president Joe Biden's administration in response to its military onslaught against neighboring Ukraine. The punitive measures would have to end – a major victory for Putin – for the potential US-Russian 'transactions' touted by Trump to go ahead. In his post, Trump said he had also highlighted to other G7 leaders his goal of getting Ukraine to sign an agreement giving the United States access to its natural resources in return for US support in any peace settlement. 'I emphasized the importance of the vital 'Critical Minerals and Rare-Earths Deal' between the United States and Ukraine, which we hope will be signed very soon!' Trump wrote. 'This deal, which is an 'Economic Partnership,' will ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine's economy grow as this Brutal and Savage War comes to an end.' The G7 call and Macron's visit to Washington come as Trump repeatedly casts doubt on his commitment to historic US alliances, including NATO, which was formed after World War II to defend western Europe against Soviet expansion.
