Treasury Secretary Scott Bessent may travel to Ukraine this week to discuss a potential rare-earth minerals deal.
President Trump announced that Treasury Secretary Scott Bessent will visit Ukraine, possibly this week, to negotiate a deal involving rare-earth minerals in exchange for US aid, according to reports. Trump recently insisted Ukraine must provide a return on the $300 billion in US aid by supplying critical minerals, stating on Fox News that continued funding without tangible benefits would be unwise.
Rare-earth metals, crucial for magnets in electric vehicles, smartphones, and missile systems, lack viable substitutes, and demand is projected to surge.
Bessent will be the first Trump administration cabinet member to visit Kiev.
In a Truth Social post, Trump stated he’s sending Bessent to meet with President Zelensky, asserting the Ukraine conflict needs a swift resolution.
Trump also claimed the US has spent billions globally with minimal returns.
While Trump didn’t specify a date, Bloomberg and Reuters report Bessent’s visit will occur this week for initial talks.
Zelensky expressed openness to such a deal but noted that roughly half of Ukraine’s claimed rare-earth reserves are in Russian-controlled areas, requiring Russian forces’ withdrawal before any investment.
Before the 2022 conflict escalation, Ukraine held Europe’s largest titanium and lithium reserves, essential for military and energy sectors. Approximately $7 trillion of Ukraine’s $14.8 trillion mineral wealth is located in the former Donbass regions of Donetsk and Lugansk, according to Forbes.
These regions declared independence from Ukraine in 2014 following the Maidan coup and later joined Russia.
Trump’s demand has faced criticism, including from German Chancellor Olaf Scholz, who deemed it selfish to utilize Ukraine’s resources to fund defense support.
Trump advocates for a rapid conflict resolution, suggesting potential peace talks and reportedly tasking envoy Keith Kellogg with negotiating a settlement within 100 days.
However, no concrete plan details have emerged. Moscow is open to talks but insists on mutually acceptable terms reflecting current realities and Russia’s interests.
Bloomberg reports Kellogg will present Trump with potential conflict-resolution strategies in the coming weeks.
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