The US Treasury Secretary is backing Donald Trump’s plan to help Ukraine tap into its natural resources and critical minerals. He argues this approach could promote Ukraine’s growth after the war, without using economic pressure.
Scott Bessent shared his views in an op-ed for the Financial Times, highlighting the Trump administration’s efforts to create an economic partnership with Kyiv. They aim to develop a peace deal between Russia and Ukraine through this initiative.
However, Ukrainian officials have not agreed to the US’s demands yet. They feel pressured to enter into an agreement, especially after Trump’s recent harsh remarks about Ukrainian President Volodymyr Zelenskyy, calling him a dictator and wrongly suggesting Ukraine started the conflict.
Bessent detailed the proposal, indicating that profits from Ukraine’s natural resources would go into a fund meant for long-term reconstruction. In this plan, the US would gain certain economic rights to future investments in Ukraine.
Yet, it’s unclear how much money would actually flow into this fund or how much of it would go to the US. Trump has framed this mineral deal as a way for Ukraine to repay previous military support.
Earlier reports from Ukrainian media suggested that the fund would legally benefit the US, granting them significant control over how much could be used for Ukraine’s reconstruction.
Bessent emphasized the need for transparency and accountability in managing this fund, aiming to deter corruption and ensure fair governance as Ukraine rebuilds.
Earlier this month, the Treasury Secretary visited Ukraine for the first time to discuss the deal with Zelenskyy. While some US officials believe an agreement is near, Ukrainian representatives express caution. A negotiator mentioned that the current proposal requires more adjustments, noting that it places too many obligations on Ukraine while offering little in return.
The talks have extended late into the night and are set to continue over the weekend. Zelenskyy has previously pointed out that the initial proposal favored the US too heavily, demanding 50% rights to Ukraine’s rare earth minerals without clear future support offers.
Ukrainian officials have been drafting a counterproposal, recently discussing it with US special envoy Keith Kellogg. Zelenskyy is looking for concrete security guarantees from the Trump administration before considering any agreement.
Bessent clarified that the US is not trying to take control of Ukraine’s resources in a coercive way. He stressed that the plan does not entail US ownership of assets nor does it impose additional debt on Ukraine, a technique often seen from other nations. Instead, he aims for mutual benefit that enhances both American and Ukrainian interests.
