This Update answers some key questions on the recently agreed US-Ukraine minerals deal. In short, estimates of Ukraine’s mineral wealth seem to be overblown. The deal may provide more US support for Ukraine in peace talks, but Russia and Ukraine remain far apart in what they see as a palatable outcome to end the war. From a broader perspective, securing access to raw materials will be a key priority for the US and its allies as the global economy continues to fracture.
Note: This publication is an updated version of a report originally published on 26th February 2025.
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