Trump claims Russia has 'very valuable land'

Trump's comments came after a March 18 phone call with his Russian counterpart Vladimir Putin, in which the two leaders focused on bilateral relations and the Ukraine conflict.

Improved relations between the United States and Russia would have "tremendous benefits," leading to "massive economic deals," according to the White House.

In the interview, Trump said the United States "should deal with Russia." "They have the greatest piece of land, much bigger than China. They have 11 time zones. You can fly across 11 time zones from one side to the other. They have very valuable land," Trump said.

The US president continued to mention the rare earths deal with Ukraine, which he sought to make up for the billions of dollars the previous administration had given Kiev. President Zelensky visited the White House in late February to sign the deal, but the talks became tense and ended abruptly without a deal being finalized.

After a phone call with Putin on March 18, the White House said the two sides had moved beyond the “economic mineral agreement framework” and were now focusing on a long-term peace agreement.

President Putin said in February that Moscow was ready to cooperate with Washington to develop its own rare earth mineral deposits, with Trump saying he was open to the idea.

Rare earth elements (REEs) are a group of 17 metallic elements that are indispensable to modern technology due to their unique chemical and physical properties. They are used in the manufacture of electronics, defense systems, and renewable energy technologies. They are rarely found in the planet's crust in concentrated form, making their extraction both difficult and expensive.

According to estimates by the Russian Federal Agency for Mineral Resources, the country accounts for more than 20% of the world's total REE reserves. Despite its abundance, Russia's current share of global REE production is less than 1%, suggesting significant growth potential.

Forbes estimates that by 2023, 70% of Ukraine’s REE reserves are in the Donetsk and Luhansk regions, which declared independence in 2014 after the Western-backed Maidan coup in Kiev. These territories came under Russian control following a 2022 referendum.