 "U.S. Secretary of the Treasury Scott Bessent. File image/ Reuters")
US Treasury Secretary Scott Bessent will visit Ukraine this week, according to Donald Trump in a social media post on Tuesday, as the administration seeks to resolve the Russia-Ukraine conflict and ensure American access to Ukrainian natural resources.
Bessent, who will be the first cabinet-level official in Trump’s administration to visit Ukraine, is expected to discuss US access to Ukraine’s rare earth minerals, energy resources, and energy assets, according to a person with direct knowledge of the situation. The future of some of Ukraine’s state-owned firms will also be considered, according to the source, who spoke on the condition of anonymity and declined to disclose further information.
Both Ukrainian President Volodymyr Zelenskyy and Trump have shown interest in a deal in which the US would get rare earths from Ukraine in exchange for ongoing assistance in combating Russia.
In a Sunday interview, US National Security Adviser Mike Waltz stated that Washington was also interested in gaining access to Ukrainian oil and gas resources in exchange for assisting Ukraine in its military effort.
“We need to recoup those costs and that is going to be a partnership with the Ukrainians in terms of their rare earths, their natural resources and their oil and gas,” Waltz said.
A number of other US officials traveling to Europe this week will discuss the Ukraine war with Kyiv and other European allies. They include Secretary of State Marco Rubio, Vice President JD Vance, Defense Secretary Pete Hegseth and Keith Kellogg, the US special envoy for Ukraine.
Impact Shorts
More Shorts“The U.S. has spent BILLIONS of Dollars Globally, with little to show,” Trump wrote in a Truth Social post on Tuesday announcing Bessent’s planned visit.
Rare earths are metals used to make magnets that turn power into motion for electric vehicles, cell phones, missile systems, and other electronics. There are no viable substitutes, and demand is widely expected to grow.
Reuters reported this week that the Trump administration plans to push European allies to buy more American weapons for Ukraine ahead of potential peace talks with Moscow.