Trump wants Ukraine to pay back $500 billion

US President Donald Trump has said he wants to secure a deal with Kiev to ensure Washington gets its money back by trading aid for Ukraine’s rare-earth minerals – regardless of whether “they may be Russian someday.”

In an interview with Fox News’ Bret Baier, Trump claimed that “the United States is in for more than $300 billion, probably 350” in various forms of aid to Ukraine, adding that it would be “stupid” for Washington to continue bankrolling Kiev without receiving anything in return.

“I want to have our money secured because we’re spending hundreds of billions of dollars,” the US leader said. “They have tremendously valuable land in terms of rare earth, in terms of oil and gas, in terms of other things.”

“I told them that I want the equivalent, like $500 billion worth of rare earths, and they’ve essentially agreed to do that,” Trump stated. “So at least we don’t feel stupid. Otherwise, we’re stupid. I said to them, we have to get something.”

“You know, they may make a deal, they may not make a deal, they may be Russian someday, or they may not be Russian someday, but we’re gonna have all this money in there, and I say, I want it back,” he added.

Ukrainian President Vladimir Zelensky confirmed last week that he would be open to reaching an agreement over Kiev’s deposits of lithium, titanium, and other heavy metals. However, he insisted that Ukraine’s Western backers must first help push Russian forces out of mineral-rich territories before they can invest in rare-earth resources.

Before the escalation of the Ukraine conflict in 2022, the country had Europe’s largest reserves of titanium and lithium. While not classified as rare-earth elements, these materials are critical for military industries, batteries, and capacitors. The list of rare-earth metals that can be found in Ukraine also includes beryllium, manganese, gallium, uranium, zirconium, graphite, apatite, fluorite, and nickel. According to Forbes, around $7 trillion of Ukraine’s total mineral wealth is located in its former Donbass regions of Donetsk and Lugansk, which declared independence from Ukraine in 2014 following the Western-backed Maidan coup in Kiev. Most of these territories came under Russian control after Donetsk and Lugansk voted to join Russia in 2022.

Russian President Vladimir Putin has cited the protection of people in Donbass as a key reason for launching the military operation in Ukraine. Resources in these territories are a major factor in NATO member states’ support for Kiev, Russian Foreign Minister Sergey Lavrov said in October 2024. “Their discourse revolves around territory and resources that they require in America,” he said. “Our concern is not territories, but people.”