Russia-Ukraine Underground Resource Competition: Russia Controls Over $10 Trillion Worth of Ukrainian Resources

　　As the Russia-Ukraine conflict continues, reports indicate that at least $12.4 trillion worth of Ukraine's energy deposits, metals, and minerals are now under Russian control.
　　As a major source of raw materials, Ukraine's territory possesses 117 widely used minerals and metals. Additionally, there are substantial coal reserves and undeveloped lithium deposits. Earlier this year, the Ukrainian government, citing 'national security,' removed the geographical locations of these deposits from its official website.
　　Analysis shows that since February 24, Russia has taken control of 41 Ukrainian coal fields, 27 natural gas stations, 14 propane production facilities, 9 oil fields, and 6 iron ore mines, among other mineral resources. According to Ukrainian mining executives, Russia now controls approximately 63% of Ukraine's coal deposits, 42% of its metal deposits, 20% of its natural gas deposits, and 11% of its oil deposits, among other key natural resources.
　　Ukraine's coal reserves are mainly concentrated in the eastern Donbas region. It is estimated that Russia controls approximately 30 billion tons of anthracite coal deposits in this area, with a commercial value of approximately $11.9 trillion. In addition to coal mines, Russia recently gained control of a key limestone quarry used for steel production. With Ukraine's steel production having already declined by 60% to 70%, many factories are forced to use lower-quality limestone from the west as a temporary solution.
　　According to reports, Roman Opimakh, head of the State Service of Geology and Mineral Resources of Ukraine, stated that the Ukrainian government is still assessing the impact of the Russia-Ukraine conflict on the country's mineral resources. However, considering the raw material reserves in eastern and southern Ukraine, he believes that the value of the lost reserves already exceeds the total amount calculated by independent analysis agencies. Opimakh said, 'The Ukrainian people may not be able to benefit in the future from extracting the minerals that are currently still underground.'
　　Analysis suggests that most of Ukraine's oil and gas reserves remain under its control, but key Western investments in Ukraine's energy and mining sectors were 'scared away' after the outbreak of conflict in the Donbas region in 2014. The current Russia-Ukraine conflict has had the same impact, with an Australian mining company halting exploration plans involving two undeveloped lithium mines in Ukraine since the beginning of the conflict.
　　Reportedly, due to doubts about the feasibility of mineral extraction, investors are 'selling off at low prices' the mining licenses sold by the Ukrainian government last year. Stanislav Zinchenko, CEO of the Ukrainian mining and metal industry think tank (GMK Center), analyzed, 'The worst-case scenario is that Ukraine loses land, no longer has a strong commodity economy, and becomes unable to sustain its own industrial economy.'