Ukraine is widely known as anBut as a raw-material mother lode, it’s home to 117 of the 120 most widely used minerals and metals, and a major source of fossil fuels.
SecDev’s analysis indicates that at least $12.4 trillion worth of Ukraine’s energy deposits, metals and minerals are now under Russian control. That figure accounts for nearly half the dollar value of the 2,209 deposits reviewed by the company. 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.
Since the invasion began in February, however, the Kremlin has steadily expanded its holdings. According to SecDev and Ukrainian mining and steel industry executives, it has seized 41 coal fields, 27 natural gas sites, 14 propane sites, nine oil fields, six iron ore deposits, two titanium ore sites, two zirconium ore sites, one strontium site, one lithium site, one uranium site, one gold deposit and a significant quarry of limestone previously used for Ukrainian steel production.
Roman Opimakh, director general of the Ukrainian Geological Survey, said the government is still assessing the war’s impact on its mineral resources. But given how much of Ukraine’s raw materials are in the east and south, he suggested that the value of lost reserves exceeds the total calculated in the independent analysis.
The blow to Ukraine is far worse due to the Russian seizure of key Ukrainian ports and a
of the Black Sea. Some analysts see the lost sea transit routes as more significant than the lost mineral reserves
— particularly coal, despite its current value — as other countries switch to greener energy.
“Raw materials like coal are not the future, they’re the past,” said Anders Aslund, an economist who has long studied Ukraine. “It’s more about whether Ukraine loses its ports, which I don’t think they will. If they did not have those ports, they would need to build a completely new infrastructure for exports.
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