Ukraine's Rare Earth Elements: A Strategic Prize in the Geopolitical Economy
It is within a delicate geopolitics web that Ukraine's lucrative rare earth elements have become a very prized asset. At the focal point of this storm is a planned agreement between Ukraine and the US, with former US President Donald Trump already having had interest in tapping these precious resources ¹.
Rare earths are a series of 17 metallic elements essential for the manufacture of advanced technologies such as smartphones, laptops, and renewable energy systems. Ukraine's geology is special in a way that makes it an inviting place for mining the elements, which has attracted global powers looking to secure supplies.
The transaction would involve the US gaining access to Ukraine's rare earth deposits in return for ongoing American military support. The military support has been pivotal in Ukraine's continuing war against Russian-allied separatists in the country's eastern Donbas area. The suggestion was first made by Ukrainian President Volodymir Zelensky as part of a larger strategy for reaffirming Ukraine's bargaining position in future talks.
However, this agreement could lead to Ukraine's economic colonization and the misuse of its natural resources by outside powers without gaining the local populace an adequate dividend, according to critics. It is fueled further by Ukraine's history of exposure to the economic domination of a superior power.
As the situation remains in flux, this much is certain: Ukraine's rare earth materials are now a strategic trophy on the global stage, with deep-reaching implications for the future of the country.