Bessent reveals role of Ukraine minerals in pushing Russia toward peace

U.S. Treasury Secretary Scott Bessent said this during a speech at a conference at the Milken Institute in California.

He emphasized that the deal was originally the idea of U.S. President Donald Trump himself.

Scott Bessent said that Trump believes the deal would yield several outcomes. Firstly, it would give President Trump more leverage over the Russian leadership when the time comes to engage with them. The deal is meant to show Russia that the U.S. is not going to leave Ukraine.

Secondly, according to the U.S. Treasury Secretary, the deal is intended to strengthen economic and investment ties between Ukraine and the United States. He called the agreement historic.

Scott Bessent said the deal would be a 50-50 partnership, equally shared. He noted that it is not like the agreements China offers its partners - "sign here, and we’ll take all your minerals." The purpose of this deal, he explained, is economic partnership, investment, and security guarantees.

Minerals deal: background

Ukrainian President Volodymyr Zelenskyy stated on Thursday, March 27, that the U.S. has proposed signing a full agreement on minerals instead of a framework agreement.

On March 28, the media reported that the administration of US President Donald Trump had returned to the subsoil agreement a requirement for Ukraine to reimburse all the assistance the United States provided after the start of Russia's full-scale invasion in 2022.

During an hour of questions to the government in the Ukrainian parliament on March 28, Economy Minister Yulia Svyrydenko confirmed that the government had received a draft agreement from the United States on minerals.

Later, Zelenskyy commented on the new American draft agreement on Ukrainian rare earths and said that it contained things that the parties had previously rejected.

On March 31, U.S. President Donald Trump said that Ukrainian President Volodymyr Zelenskyy wanted to back out of a key mineral deal.

On the same day, it became known that Ukraine and the United States discussed the American draft of the mineral agreement for the first time.

On April 8, Bloomberg reported that delegations from Ukraine and the United States would discuss a mineral deal on April 11-12.

On the same day, Ukraine's Foreign Minister Andrii Sybiha said that Ukraine had already developed its position on the minerals deal with the United States and was now forming a group to go to the talks.

On April 27, Ukrainian Prime Minister Denys Shmyhal announced that Ukraine and the U.S. agreed that previously provided assistance from Washington would not be included in the minerals agreement.

On April 30, Ukraine and the United States signed an agreement to establish the U.S.-Ukraine Reconstruction Investment Fund.

On May 2, Ukraine's Cabinet of Ministers registered in the Verkhovna Rada a draft law amending the Budget Code to implement the agreement with the United States to create the Reconstruction Investment Fund.

Ukrainian President Volodymyr Zelenskyy, speaking with journalists, described the positive military-political and economic effects for Ukraine from signing the minerals agreement with the United States and establishing a joint American-Ukrainian Reconstruction Investment Fund.

On May 1, Ukraine's Cabinet of Ministers submitted a bill to the Verkhovna Rada to approve an agreement with the United States to create a joint Investment Fund for Reconstruction.