Ukrainian President Volodymyr Zelensky signaled Friday he was willing to accept President Donald Trump’s deal for continued military aid in the war against Russia in exchange for access to Ukraine’s rare earth materials.

“If we are talking about a deal, then let’s do a deal, we are only for it,” Zelensky told Reuters.

Why It Matters

Trump frequently criticized former President Joe Biden‘s spending on Ukraine during his presidential campaign. He memorably claimed that the Ukraine-Russia war would end “within 24 hours” once he was back in office. But Russian President Vladimir Putin‘s unmovable stance has left little room for negotiation.

Just two days after the inauguration, Trump called for an immediate end to the war, threatening to impose “high levels” of sanctions or tariffs on Russia if the fighting continues. No sanctions have been imposed.

Military aid to Ukraine, which had been paused under Trump, resumed over the weekend.

What To Know

Zelensky defended accepting Trump’s deal on Friday, telling Reuters that he was not “giving away” Ukraine’s resources, but he was offering the U.S. a partnership.

“The Americans helped the most, and therefore the Americans should earn the most. And they should have this priority, and they will. I would also like to talk about this with President Trump,” he said.

Zelensky’s comments followed Trump’s Monday remarks in which he said he sought the “security” of rare earth elements in exchange for the billions of dollars in aid supplied by the U.S.

“We’re looking to do a deal with Ukraine, where they’re going to secure what we’re giving them with their rare earth and other things,” Trump said.

The deal fits into Ukraine’s existing “Victory Plan” that states the country will supply partners with “natural resources and critical metals worth trillions of U.S. dollars,” including uranium, titanium, lithium and graphite.

The Ukrainian leader has said that he is also discussing potentially using Ukraine’s underground storage for U.S.-produced gas.

The deal is likely to be the main talking point when Zelensky and Trump meet next week.

What Are Rare Earth Minerals?

Rare earth minerals are naturally occurring minerals that contain rare earth elements (REEs). Although rare earth elements are not particularly rare in the Earth’s crust, they are typically found in very low concentrations, making significant extraction challenging and costly.

Some of the most important rare earth minerals include:

1. Monazite – A phosphate mineral that contains a significant amount of light rare earth elements (LREEs), such as cerium (Ce), lanthanum (La) and neodymium (Nd).
2. Bastnäsite – A carbonate-fluoride mineral, one of the most important sources of light rare earth elements, especially cerium, lanthanum and neodymium.
3. Xenotime – A phosphate mineral that contains mainly heavy rare earth elements (HREEs) like yttrium (Y) and terbium (Tb).

The global supply of rare earth minerals is important for various high-tech applications, including the production of magnets, batteries and electronic devices. China is the dominant supplier of rare earth minerals, although other countries are exploring their own reserves to reduce reliance on a single source.

What People Are Saying

Trump told reporters on Monday of wanting Ukraine’s rare earth materials as a condition for continuing American support: “I want to have security of rare earth. We’re putting in hundreds of billions of dollars. They have great rare earth. And I want security of the rare earth, and they’re willing to do it.”

Special envoy for Ukraine and Russia, Keith Kellogg, said shortly after Trump took office: “He’s not trying to give anything to Putin or the Russians. He’s trying to save Ukraine and protect their sovereignty.”

Kurt Volker, former U.S. special representative for Ukraine negotiations during Trump’s first term, told the Associated Press: “The Russians see that Trump is going to push for some kind of resolution or settlement, and they want to grab as much as they can.”

What Happens Next

Trump has pushed back the timeline for the end of the Russia-Ukraine war to within six months.

The president has said he is open to meeting with Zelensky in the next week, as long as it takes place in the U.S., with Trump telling reporters, “He may meet next week, yeah. Whenever he would like. I’m here.”