US President Donald Trump is preparing to offer Russian leader Vladimir Putin a package of economic incentives during their meeting on 15 August in Anchorage, Alaska, aimed at securing an end to the war against Ukraine. According to The Telegraph, the proposals could include granting Russia access to Alaska’s natural resources, partially lifting sanctions on its aircraft industry, and allowing Putin access to rare earth minerals located in Ukrainian territories currently under Russian occupation.

Sources familiar with the discussions said the U.S. Treasury Secretary, Scott Bessent, is working on the details of these concessions. This includes exploring joint U.S.-Russian mining projects to accelerate the development of Ukrainian deposits. Ukraine is believed to hold around 10% of the world’s lithium reserves, a key material for battery production. Two of its largest deposits are in areas under Russian control, and Putin has claimed rights to these resources. A source told The Telegraph that a potential deal on minerals and rare earths was among the possible incentives under consideration.

Other measures being weighed include lifting the ban on exporting spare parts and maintenance equipment for Russian aircraft. Western sanctions, imposed after Russia’s full-scale invasion in 2022, have restricted access to critical aviation components, leading to the deterioration of much of the Russian fleet. Sergei Chemezov, head of the state-owned defence conglomerate Rostec, warned that up to 30% of Western-made aircraft in Russia could be grounded within five years without these supplies. Restoring access to American-made parts could also benefit U.S. companies like Boeing, given that Russian airlines operate a fleet of more than 700 planes, most of them manufactured by Airbus and Boeing.

Trump is also reportedly considering offering Russia rights to untapped oil and gas reserves in the Bering Strait. UK government sources told The Telegraph that such proposals might be acceptable to European partners if they did not appear to reward Moscow for its actions in Ukraine. In private discussions, an idea has also emerged to use Israel’s occupation of the West Bank as a model for ending the conflict—granting Russia military and economic control over occupied parts of Ukraine under its own governing body, while avoiding formal international recognition of the territories as Russian. This concept has reportedly been discussed between Trump’s special envoy, Steve Witkoff, and Russian officials.

The upcoming summit at the Joint Military Base Elmendorf-Richardson was initiated by Moscow during Witkoff’s recent visit to Russia. Trump has described the meeting as potentially “constructive” but has acknowledged the possibility of negative outcomes. U.S. Secretary of State Marco Rubio stressed that the event should not be viewed as a victory for the Kremlin, describing it instead as an introductory meeting in which Trump aims to assess Putin personally. Rubio also warned that the talks would be challenging, given the importance of the war to the Russian leader.

Two days before the summit, Trump spoke in an online conference with European leaders and Ukrainian President Volodymyr Zelensky, where, according to French Foreign Minister Jean-Noël Barrot, he pledged to demand an unconditional ceasefire from Putin. Trump also insisted that any negotiations regarding Ukrainian territory would take place only with Zelensky present at a future meeting. He confirmed that the U.S. would join an international security guarantees framework already supported by France, the UK, and Germany.

French President Emmanuel Macron reiterated after the talks that territorial matters would be negotiated solely by Ukraine. German Chancellor Friedrich Merz said Kyiv was ready to discuss such issues, but only starting from the current line of contact, and stressed that legal recognition of occupied territories as Russian was “not up for discussion.” Zelensky indicated that Trump would call him after meeting with Putin to discuss the outcome.

European Council President António Costa, speaking alongside Macron in France, summarised Trump’s position into three key goals: securing a ceasefire, ensuring that Ukraine alone decides on Ukrainian affairs, and working with Europe to strengthen security once a lasting peace is achieved. Costa expressed hope that the Alaska summit would lead to a truce and open the way for broader peace negotiations.

In a separate statement to CNN, Trump warned of “very severe consequences” for Russia if Putin refuses to agree to end the war. He did not specify whether this meant new sanctions or tariffs, saying only that the measures would be significant. Trump added that if the Alaska talks went well, he would arrange a second meeting to include Zelensky, with the aim of exploring the prospects for a comprehensive peace deal.