Russia controls $12.4 trillion worth of Ukraine’s energy, says analysis

While the survey noted that Ukraine is a major supplier of fossil fuels and a top exporter of cereals, it also noted that it is home to 117 of the 120 most often used minerals and metals.

Moscow has influence over 63% of the coal, 11% of the oil, 20% of the natural gas, 42% of the metals, and 33% of the rare earth in Ukraine, including important minerals like lithium, according to SecDev’s analysis of 2,209 deposits.

Some of that was taken during the conflict with separatists backed by Russia in eastern Ukraine or during Russia’s annexation of Crimea in 2014.

Ukrainian coal under Russia

Since the Russian invasion in February 2022, it has seized 41 coal fields, 27 natural gas sites, 14 propane sites, nine oil fields, six iron ore deposits, and several sites for titanium, zirconium, strontium, lithium, uranium, and gold, the report said.

Most of Ukraine’s oil and gas reserves are still in its hands. But coal resources make up the great majority of the country’s natural resource riches that is under Kremlin control.

In areas of Ukraine that are under Russian control, SecDev calculated that there are around 30 billion tons of hard coal resources worth $11.9 trillion.

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