11.Aug .2022 12:00

Russia occupies territories in Ukraine with natural resources worth more than $12 trillion

Russia occupies territories in Ukraine with natural resources worth more than $12 trillion
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By occupying Ukrainian territories, Russia gained control over energy deposits, metals and minerals worth at least $12.4 trillion.

“At least $12.4 trillion worth of Ukraine’s energy deposits, metals and minerals are now under Russian control,” reads the article by The Washington Post.

It is noted that Ukraine harbors some of the world’s largest reserves of titanium and iron ore, fields of untapped lithium and massive deposits of coal. Collectively, they are worth tens of trillions of dollars.

According to The Washington Post, in case of annexation of the territories occupied by Russia, Kyiv would permanently lose access to almost two-thirds of its deposits, including storages of natural gas, oil and rare earth minerals necessary for some high-tech components, which may prevent Western Europe from looking for alternatives to imports from Russia and China.

“In addition to 63 percent of the country’s coal deposits, Moscow has seized 11 percent of its oil deposits, 20 percent of its natural gas deposits, 42 percent of its metals and 33 percent of its deposits of rare earth and other critical minerals including lithium,” the article reads.

The Security Service of Ukraine in June blocked the assets of a Russian oligarch's mining companies for more than UAH 1 billion (US$ 27 mln).

The Cabinet of Ministers introduced amendments to four normative acts regulating the use of subsoil in Ukraine.