During its spring offensive, Russian forces took control of one of Ukraine’s most promising lithium deposits — the Shevchenkivske site in Donetsk region. Previously under development by an American critical minerals company, the site was seen as a key asset in the growing economic partnership between Kyiv and Washington in the field of strategic resources. Its capture now poses serious risks to future joint projects and has already raised concerns among Western investors.
The Shevchenkivske deposit contains significant reserves of spodumene — a mineral from which lithium is extracted. Lithium is essential for manufacturing batteries used in electric vehicles and energy storage systems. Ukraine had earlier signed a framework agreement with the United States on cooperation in the field of critical raw materials, including the development of domestic lithium, titanium, and rare earth element extraction — crucial for the West’s green energy transition. The agreement envisioned attracting investment into Ukrainian subsoil resources. However, with Shevchenkivske now under Russian control, the feasibility of that cooperation is under threat.
Myroslav Zhernov, the director of the company holding the license for the site, confirmed the loss in a comment to The New York Times. According to him, the battle for the deposit lasted several weeks: “It was very hot. They were bombing with everything they had. And now they’re there.” Zhernov warned that this may not be the end: “If the Russians advance farther, they will control more and more deposits.”
The New York Times reports that signs of activity have already been observed on the occupied territory: an assessment of reserves is underway, and preparations for future extraction may be in progress. In this way, control over lithium could give the Kremlin not only military but also geoeconomic advantages. The article notes that Russia is already leveraging its influence in global raw materials supply chains, particularly in uranium markets.
Although Ukraine still possesses two other major lithium deposits in its western regions, Shevchenkivske was considered the most promising due to its high spodumene concentration — up to 90%. In peacetime, the development of this site could have become not only a source of revenue, but a strategic lever for integrating Ukraine into Western critical materials markets.
Former head of the State Service of Geology and Mineral Resources, Roman Opimakh, explained that such investments are subject to enormous risks during wartime: “Security and control over a deposit is the main prerequisite. The military threat scares away investors, and the loss of such a site effectively nullifies any near-term development plans.”
Observers note that the war is increasingly taking on characteristics of economic conflict. Russia is not only destroying infrastructure but is actively targeting resources that could be useful to itself or potentially strengthen Ukraine. Gaining control over lithium assets allows for pressure on Western corporations and contributes to reshaping global dependencies.
Despite the loss, Zhernov said his company is not giving up on investing in Ukraine and is exploring other options. However, he admitted the situation has fundamentally changed risk assessments: “Before, we saw this project as a driver of economic growth. Now — it’s just another front in the war.”
Earlier, the Experts Club information and analysis center produced a detailed video analysis of the prospects for rare earth element mining in Ukraine.
Ukraine has extended anti-dumping duties on imports of cement from Moldova, Russia, and Belarus, as well as coated rolled metal products from China and Russia, for five years. According to a statement released by the
Ministry of Economy on Thursday, the decision was made by the Interdepartmental Commission on International Trade (ICIT) on May 21, 2025, following appeals from Ukrainian companies.
“If you are a manufacturer and face aggressive non-market competition, please contact the Ministry of Economy to initiate anti-dumping investigations. Ukraine adheres to the principles of openness but is ready to protect its market in accordance with WTO rules,” the release quotes First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko as saying.
As reported, in 2019, the ICIT imposed anti-dumping duties on imports of cement clinker and Portland cement to Ukraine under codes 2523 10 and 2523 29, at the following rates: 57.03% on cement from Belarus; 94.46% on cement from Moldova; 114.95% on cement from Russia. The duties were imposed for a period of five years. In May last year, at the request of Dickerhoff Cement Ukraine, Ivano-Frankivskcement, supported by
Kryvyi Rih Cement, the ICIT initiated a review of these duties, which extended their validity for up to one year.
As it became known at the conference “Trade Wars: The Art of Defense,” organized by Ilyashev & Partners in Kyiv this week, Lafarge Ciment (Moldova) SA offered voluntary price restrictions in order to return to the
Ukrainian market. Market participants called for the proposed prices to be made public.
As for imports into Ukraine of certain types of rolled steel with anti-corrosion coating originating from Russia and China, anti-dumping measures were introduced in 2019 for five years for manufacturers/exporters of goods from Russia at a rate of 47.57% and from China at a rate of 22.78%. In May last year, at the request of PJSC Mariupol Metallurgical Plant named after Ilyich and LLC Unistil, the MCMT launched a new investigation as part of a review of these duties.
BELARUS, CEMENT, CHINA, IMPORT, MOLDOVA, rolled metal, RUSSIA
The European Union has approved a 17th package of sanctions against Russia, aimed at increasing pressure on the Russian economy and limiting opportunities to circumvent previously imposed restrictions. A key element of the new package is the introduction of sanctions against Russia’s so-called “shadow fleet” — a network of ships used to circumvent sanctions and export oil.
Sanctions against the “shadow fleet”
As part of the new sanctions package, the EU has imposed restrictions on around 200 vessels linked to Russia’s “shadow fleet.” These vessels, often old and poorly insured, are used to transport Russian oil in circumvention of the restrictions in place, including a price cap of $60 per barrel.
Sanctions against companies and individuals
The new sanctions package also includes:
31 companies involved in arms supplies and sanctions evasion.
75 individuals linked to the Russian military-industrial complex, including judges involved in cases against opposition figures.
Financial institutions supporting Russia’s military actions.
Protection of critical infrastructure
The EU has also imposed sanctions on organizations and individuals involved in cyberattacks, human rights violations, and sabotage of critical infrastructure, including submarine cables and energy facilities.
Outlook
Despite the introduction of the 17th package of sanctions, additional measures are being discussed, including the possible introduction of 500% tariffs on Russian oil imports to countries that continue to purchase it. Restrictions on imports of liquefied natural gas (LNG) from Russia are also being considered.
On May 16, 2025, the first direct talks in more than three years between delegations from Ukraine and Russia began in Istanbul, aimed at finding ways to end the ongoing conflict.
The meeting is being held at the Dolmabahçe Palace, mediated by Turkey and attended by high-ranking US officials.
The Ukrainian delegation is led by Defense Minister Rustem Umerov. It also includes Deputy Foreign Minister Serhiy Kyslytsya, Deputy Head of the Security Service of Ukraine Oleksandr Polak, and other high-ranking representatives of law enforcement and diplomatic agencies.
The Russian side is represented by Presidential Aide Vladimir Medinsky. The delegation also includes Deputy Foreign Minister Mikhail Galuzin, Director of the Main Directorate of the General Staff (GUGS) Igor Kostyukov, and other officials.
Before the start of the bilateral talks, trilateral meetings were held: first between Turkey, the US, and Ukraine, and then between Turkey, Russia, and Ukraine. Turkish Foreign Minister Hakan Fidan and US Secretary of State Marco Rubio are also participating in the talks.
Reactions and expectations
Ukrainian President Volodymyr Zelensky expressed disappointment at the absence of Russian President Vladimir Putin from the talks, saying that the Russian delegation “has no authority to make decisions.” He stressed that Ukraine is committed to achieving a 30-day ceasefire, while Russia insists on broader negotiations, including issues of territorial concessions and renouncing NATO membership.
The United States and European countries support the initiative to establish a 30-day ceasefire. US President Donald Trump said that significant progress is only possible if he meets with President Putin in person.
International support
China has expressed support for direct talks between Russia and Ukraine, calling on all sides to reach a fair and lasting peace agreement.
Turkey, represented by President Recep Tayyip Erdogan, continues to play an active role in mediating between the parties to the conflict, providing a platform for talks and facilitating dialogue.
Despite low expectations, the start of negotiations in Istanbul is seen as an important step towards a possible peaceful settlement.
The Coalition of the Willing will continue to support Ukraine if Russia refuses to agree to a 30-day ceasefire and is ready to strengthen sanctions, German Chancellor Friedrich Merz said.
“If Russia refuses to agree to a ceasefire, which would be the basis for negotiations that could begin immediately, then we will continue to defend Ukraine and we will continue to increase pressure on Russia,” Merz said at a joint press conference with leaders of the Coalition of the Willing in Kyiv on Saturday.
According to him, almost all EU members and representatives of the Coalition of the Willing are ready to impose sanctions if Russia does not accept their initiative. “We are all working to ensure that Russia finally agrees to a ceasefire and does not put forward any conditions, again and again,” Merz said.
He also recalled that prior to today’s summit, the leaders of the Coalition of the Willing had communicated with US President Donald Trump and informed him personally of the results immediately after the meeting.
“We are grateful to the US president for fully supporting our initiative, sharing it, and being fully involved in it,” Merz emphasized.
Both Russia and China are interested in establishing relations with the United States, US President Donald Trump said on Fox News’ The Ingraham Angle on Tuesday.
Asked by the host if it was possible to believe that Putin really wants this, while he is influenced by “his close friend, President Xi of China,” Trump replied that “we have our own discussions with President Xi of China, and he also wants to make a deal and we want to make a deal with him. And we will do that.”
Trump blamed the Barack Obama administration for the rapprochement between Russia and China.
“Obama really forced them together through energy and bad energy policy. And when he did so many different things, he forced (them) into a marriage that should never have happened. Because it’s unnatural. And for one reason: Russia has a huge territory, a lot of land, and China doesn’t have enough land. Russia has a much smaller population than China. And it’s natural, it’s always been a natural hostile situation,” Trump said.
“Maybe they’re friendly now, but we’re going to be friendly with both of them. I think we will be friendly with both. China desperately needs us in terms of trade, but we have to equalize the deficit,” he added.
“I think President Xi would like to reach an agreement, and I think Russia would like to reach an agreement with the United States,” Trump summarized.
