In January-September of this year, Ukrainian mining companies reduced their exports of iron ore raw materials (IORM) by 4.4% in physical terms compared to the same period last year, from 25 million 250,417 thousand tons to 24 million 145,038 thousand tons.
According to statistics released by the State Customs Service (SCS) on Wednesday, foreign currency proceeds from iron ore exports decreased by 16.7% during this period, from $2 billion 175.032 million to $1 billion 812.831 million.
Exports of raw materials were mainly to China (44.83% of shipments in monetary terms), Slovakia (16.9%), and Poland (16.58%).
In addition, in January-September 2025, Ukraine imported mineral resources worth $80,000 in the amount of 107 tons from the Netherlands (55%), Italy (28.75%), and Norway (16.25%), while in the same period last year it imported 813 tons worth $248,000.
As reported, in 2024, Ukraine increased its exports of raw materials by 89.8% compared to 2023, to 33 million 699.722 thousand tons, and foreign exchange earnings grew by 58.7%, to $2 billion 803.223 million UAH.
In 2024, Ukraine imported mineral resources worth $414,000 in a total volume of 2,042 tons, while in 2023, 250 tons of these raw materials were imported worth $135,000.
In 2023, Ukraine reduced its exports of raw materials by 26% in real terms compared to 2022, to 17 million 753,165 tons. Foreign exchange earnings amounted to $1 billion 766,906 million (a decrease of 39.3%). A total of 250 tons of mineral resources were imported for $135,000.
The agreement between the United States and Ukraine on rare earth materials provides for the establishment of a commercial fund in which the United States will have a 100% financial interest and Ukraine will allocate funds for it. The text of the agreement, which is current as of Friday evening, February 21, is available to Ekonomichna Pravda.
The document is to be signed by Ukrainian Foreign Minister Andriy Sybiga and US Secretary of State Marco Rubio.
According to the draft agreement, Ukraine and the United States are establishing a commercial investment fund for reconstruction, in which the United States will retain 100% of the financial interest. Ukraine and the United States will manage it jointly.
The Fund is expected to help increase foreign direct investment in Ukraine by at least two times for every dollar contributed. The goal is to return Ukraine’s GDP to the level of the end of 2021.
The Investment Fund will receive 50% of revenues from Ukrainian mineral and oil and gas resources (less actual costs) for reinvestment in the Ukrainian economy (mining and processing infrastructure, ports, etc.).
In addition, the draft agreement provides for the redirection of revenues from other Ukrainian sources to be determined by the governments of Ukraine and the United States.
Revenues from facilities that were occupied by Russia at the time of signing the agreement may exceed 50% in the event of de-occupation.
Contributions of Ukrainian revenues to the fund will continue until the amount agreed upon by the governments is reached. All non-credit financial assistance from the United States that comes to Ukraine after the agreement is signed will increase the threshold for contributions from Ukrainian revenues.
According to the text, the United States intends to make a financial commitment to help Ukraine in an amount to be determined separately.
The agreement on the fund will not contradict Ukraine’s other international obligations, as well as its future integration into the EU or other associations.
Ukraine and the United States undertake to immediately begin drafting a separate agreement that will define the details of the future Fund.
It is noted that the Ministry of Economy will be responsible for drafting the future agreement on the part of Ukraine.
Ukraine has mineral resources, but “this does not mean that we give them away to anyone, even to strategic partners,” President Volodymyr Zelenskyy says.
“We have mineral resources. This does not mean that we give them away to anyone, even to strategic partners. It is about partnership. Invest money. Invest. Let’s develop this together and make money. And the main thing is the security of the Western world, the European continent. That all this will not go to these thieves – Russia plus their allies,” Zelensky said in an interview with Reuters, which was posted on the telegram channel.
According to the president, Russia has seized less than 20% of Ukraine’s mineral resources.
“If we assume that about 20% of our land has been seized, they certainly have not seized 20% of our mineral resources. So far, it is less,” the President said.
At the same time, he emphasized that the rest of Ukraine’s resources are in dire need of protection: “We need to stop Putin and protect what we have.”
“A lot in Dnipro region, a lot in central Ukraine and in the west. Unfortunately, we lost coal, but I know that they also lost a lot there, because they did not know what to do with the mines, they flooded many of them,” Zelensky added.
