As President Donald Trump works to strike a deal to end the three-year war in Ukraine, an important piece of the negotiations for the president has revolved around accessing rare earth elements from the war-torn country as compensation for American military support.

During a meeting with French President Emmanuel Macron in the White House on Monday, Trump said that the agreement was “very close to a final deal.”

“The agreement's being worked on now . . . they're very close to a final deal. It'll be a deal with rare earths and various other things,” he said, adding that Ukrainian President Volodymyr Zelenskyy might come to the Oval Office as early as this week to sign the agreement.

In a post on Truth Social on Monday, Trump wrote that during the Group of Seven summit earlier in the day, he had emphasized the importance of the “vital ‘Critical Minerals and Rare-Earths Deal’ between the United States and Ukraine.”

“This deal, which is an 'Economic Partnership,' will ensure the American people recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine, while also helping Ukraine’s economy grow as this Brutal and Savage War comes to an end,” he wrote.

Concurrently, he said he was “in serious discussions with President Vladimir Putin of Russia concerning the ending of the War.” Russia launched its invasion of Ukraine on February 24, 2022,

Meanwhile, U.S. opposed a Europe-backed U.N. resolution on Monday, condemning Russian aggression and calling for the immediate withdrawal of Russian forces from Ukraine.

What are the rare earths and why does Trump want them?

The rare earths are a group of 17 metals that are key ingredients in things such as magnets, batteries, aircrafts and medical imaging and are used in many manufactured items, from cell phones to cars.

Crucial in a variety of industries such as health care, power generation, petroleum refining and consumer electronics, they can play a crucial role in national security, energy independence, environmental future and economic growth, according to the U.S. Department of Energy.

China, with whom Trump has threatened a trade war, is the world's largest producer of rare earths.

About 40% of Ukraine’s metal resources are now under Russian occupation, according to Reuters, which cited estimates by Ukrainian think-tanks We Build Ukraine and the National Institute of Strategic Studies.

How much did the U.S. spend on the war in Ukraine?

Since Russia launched its invasion of Ukraine three years ago, Congress has appropriated $183 billion for Operation Atlantic Resolve and the broader Ukraine response, according to the government’s Ukraine Oversight Working Group, a federal oversight committee. In addition, the U.S. provided $20 billion in loans as part of the G7 nations extraordinary revenue acceleration loans initiative. In a Feb. 10 interview with Fox News, Trump said Ukraine had “tremendously valuable land in terms of rare earth” and that he wanted the “hundreds of billions of dollars” the U.S. was spending “back.”

“I told them that I want the equivalent like $500 billion worth of rare earth. And they've essentially agreed to do that so at least we don’t feel stupid,” Trump said, without giving an explanation of where the figure came from.

On Feb. 12, Treasury Secretary Scott Bessent presented Zelenskyy a minerals cooperation agreement calling for 50% of Ukraine’s mineral and natural resources revenues to go to the U.S. But Zelenskyy refused to sign the agreement as it included no security guarantees for Ukraine.  A new agreement is currently being worked on.

"We're going to get our money back because it's just not fair," Trump said at the Conservative Political Action Conference on Feb. 22.

What is Russian President Vladimir Putin’s take on U.S. interest in rare earths?

Russian President Vladimir Putin, speaking to state TV Kremlin on Monday, said that a U.S.-Ukraine possible deal involving rare earth metals is not a concern for Russia, according to Reuters.

Putin said that potential rare earth metals exploration deals could also be extended to deposits in territory in eastern Ukraine that Russia controls after three years of military action.  He also offered the U.S. the opportunity for joint exploration of the country's rare earth metals deposits, as well as the supply of aluminum to the U.S. domestic market, under a future economic deal, reported Reuters.

Russia has the world's fifth-largest reserves of rare earth metals, after China, Brazil, India and Australia, according to the U.S. Geological Survey data.

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