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US Treasury Secretary Scott Bessent attends a cabinet meeting held by President Donald Trump at the White House in Washington, DC, on April 30, 2025. — Reuters
Key Points
- US Treasury Secretary announces a new agreement in Washington.
- Highlights a mutual commitment to lasting peace in Ukraine.
- Bessent emphasizes the Trump administration’s dedication to a liberated Ukraine.
WASHINGTON: On Wednesday, the United States and Ukraine finalized a minerals agreement following a two-month delay. This deal marks what President Donald Trump’s administration describes as a renewed commitment from the US to Kyiv after the conclusion of military support.
Ukraine achieved significant interests during extended negotiations, ensuring complete sovereignty over its rare earth minerals, which are crucial for emerging technologies and remain largely undeveloped.
Initially, Trump sought access to Ukraine’s vast mineral wealth as a form of compensation for the extensive military aid provided under former President Joe Biden following Russia’s invasion, which escalated over three years ago.
Despite initial reservations, Ukraine agreed to the minerals pact as a strategy to attract long-term US investments, aligning with Trump’s aim to reduce US security obligations globally.
In a press conference in Washington, Treasury Secretary Scott Bessent stated that the agreement reflects "the commitment of both nations to enduring peace and prosperity in Ukraine."
"This deal sends a clear message to Russia: the Trump administration is dedicated to a peace process focused on fostering a free, sovereign, and thriving Ukraine in the long term," Bessent remarked. He further stressed that "no state or individual that has financed or supported the Russian war effort will profit from Ukraine’s reconstruction."
In Kyiv, Prime Minister Denys Shmygal expressed on national television that the agreement is "favorable, equitable, and beneficial." He announced that the two nations will create a Reconstruction Investment Fund, with each side holding 50% of the voting rights.
"Ukraine will maintain complete control over its subsurface resources, infrastructure, and natural assets," he confirmed. Meeting a crucial condition for Kyiv, he added that Ukraine will not be required to repay any debt related to the billions of dollars in military aid received since Russia’s invasion began in February 2022.
"The profits from this fund will be reinvested solely within Ukraine," he stated. Initially, Trump sought $500 billion in mineral resources, a figure that was approximately four times the total contribution by the US to Ukraine since the onset of the conflict.
US Commitment Against "Bad Actors"
While Trump has shown reluctance to provide security guarantees to Ukraine and has dismissed its efforts to join NATO, he asserted on Wednesday that a US presence on the ground would be advantageous for Ukraine.
"I believe the American presence will deter many bad actors from entering the country, especially in the areas where we commence excavation," Trump commented during the cabinet meeting.
Secretary of State Marco Rubio indicated on Tuesday that the Trump administration would withdraw from mediating the conflict—an endeavor Trump promised to conclude on his first day in office—unless both parties present "concrete proposals."
Trump is advocating for a resolution that demands Ukraine cede certain territories currently held by Russia, which has rebuffed US-led requests for a minimum 30-day ceasefire.
President Volodymyr Zelensky has unambiguously ruled out conceding Crimea to Russia, a region annexed in 2014, which is broadly rejected by the international community.
Zelensky has, however, expressed willingness to support Trump’s diplomatic efforts after a rocky February 28 meeting at the White House, where Trump and Vice President JD Vance admonished him for not fully appreciating US aid.
Zelensky was slated to sign the minerals agreement during the White House meeting but was abruptly dismissed after the contentious exchange.
Estimates suggest that Ukraine possesses around 5% of the world’s mineral resources and rare earth elements, although much of this potential remains untapped, and several sites fall under Russian control.
Significantly, Ukraine holds about 20% of the world’s graphite, a critical component for electric batteries, as reported by France’s Bureau of Geological and Mining Research. Additionally, Ukraine is a major producer of manganese and titanium and claims to have the largest lithium reserves in Europe.
Russia currently controls approximately 20% of Ukraine’s territory following over three years of fierce conflict that has resulted in tens of thousands of deaths, including many civilians.
In a surprising development last August, Ukraine executed an incursion into Russia’s Kursk region, which Moscow claimed to have thoroughly cleared over the weekend. On Wednesday, Russia reported that 288 civilians lost their lives during the Kursk assault.
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