U.S. Treasury Secretary Scott Bessent said that revenue derived from a minerals deal between the United States and Ukraine would fuel the “long-term reconstruction and development” of the war-torn country.
In a guest column for the Financial Times that was published Saturday, Bessent reminded that it was Ukrainian President Volodymyr Zelenskyy who first surfaced the concept of a minerals deal to President Donald Trump last September.
Bessent wrote that he took his first international visit to Kyiv with a plan of “turbocharging the country’s economic growth.”
“This partnership will support the U.S.’ continued commitment to the people of Ukraine as well as lay the foundation for a robust reconstruction of the Ukrainian economy,” he wrote. “Ukraine is endowed with natural resources and other national assets that can drive its postwar economic growth, but only if its government and people are armed with sufficient capital, expertise and the right incentives,” Bessent added.
Bessent’s column came on the day it was expected Zelenskyy and the U.S. would finalize terms of the minerals deal. However, it was reported Saturday that Ukraine was considering a revised U.S. proposal for its extensive natural resources that calls for the country to give up half of its revenues from rare earth minerals, gas, and oil, as well as from the earnings from its ports and other infrastructure.
FT reported that the deal called for a reconstruction investment fund, into which Ukraine would contribute 50% through mineral resources until it hit a threshold of $500 billion.
The Trump administration's terms, if approved, will take funds from Ukraine that are now being invested in its defense and military industry and money that could help rebuild the nation once the three-year war comes to an end.
“The terms of our partnership propose that revenue received by the government of Ukraine from natural resources, infrastructure and other assets is allocated to a fund focused on the long-term reconstruction and development of Ukraine where the U.S. will have economic and governance rights in those future investments,” Bessent wrote. “This structure and relationship bring the high standards of transparency, accountability, corporate governance and legal frameworks necessary to attract the robust private investment for postwar growth in Ukraine.”
Bessent vowed that Ukraine would have at its disposal “American talent, capital, and high standards and governance to accelerate Ukraine’s recovery,” adding that it would "send a clear message to Russia that the U.S. is invested in a free and prosperous Ukraine over the long term."
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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