Trump is reportedly prepared to negotiate transferring Alaska to Putin.
In a historic meeting on August 15, 2025, U.S. President Donald Trump and Russian President Vladimir Putin met in Alaska to discuss potential economic incentives aimed at encouraging a ceasefire in Ukraine.
According to reports, U.S. authorities proposed several economic concessions to Russia. These included granting access to Alaska's natural resources, particularly its oil and gas reserves, as well as allowing Russia access to rare earth minerals in Ukrainian territories currently under Russian control, especially lithium reserves. Another proposal involved partially easing sanctions against Russia's aviation industry.
However, these proposals were met with political resistance. For instance, Republican Senator Dan Sullivan explicitly opposed using Alaska's resources as a bargaining chip for Russia. Despite these discussions, no formal agreement or concessions were announced at the summit; the meeting ended without a ceasefire deal, and President Trump later suggested that Ukraine must decide on any land or resource agreements involving its territory.
The U.S. Treasury Secretary, Steven Mnuchin, had stated that Trump would make it clear to Putin that all options regarding sanctions are on the table, depending on the summit's results, they could either be tightened or eased. Mnuchin also briefed Trump on the economic compromises before the meeting.
Russia, which has described Western sanctions as illegal, has shown interest in cooperation with the U.S. in the rare earth metals sector, but cannot offer it due to the existing sanctions. The Kremlin has also named the removal of sanctions as one of the conditions for resolving the conflict with Ukraine.
The easing of sanctions would benefit American aircraft manufacturer Boeing, as it would involve lifting bans on the export of spare parts and equipment needed for maintaining civilian aircraft. Notably, Russian airlines' fleets are dominated by models from Airbus and Boeing.
Despite the lack of a formal agreement in Alaska, the discussions between the U.S. and Russia are significant as they mark a potential shift in the ongoing tensions between the two nations. The British government, while expressing concerns about appearing to "reward" Russia for its actions in Ukraine, believes that such measures could be acceptable to Europe. However, Trump has threatened "very serious consequences" if Russia does not agree to a ceasefire.
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