Scott Bessent could visit Ukraine as soon as this week, reportedly for talks on a potential deal for rare-earth minerals
US President Donald Trump announced on Tuesday that he will be sending Treasury Secretary Scott Bessent to Ukraine. The trip, which could take place as soon as this week, will include discussions of a potential deal for rare-earth minerals in exchange for aid to Kiev, according to various media reports.
Trump recently demanded that Kiev must ensure a return on “America’s $300 billion” in aid by providing the US with critical minerals. He told Fox News on Tuesday that it would be “stupid” to keep funding Ukraine without tangible benefits.
Rare-earth metals, which are essential for producing the magnets that convert power into motion in electric vehicles, smartphones, missile systems, and other advanced electronics, have no viable substitutes, and their demand is expected to rise significantly in the coming years.
Bessent will be the first cabinet-level official in Trump’s administration to visit Kiev.
In a Truth Social post on Tuesday, Trump said he is sending Bessent to meet Ukrainian leader Vladimir Zelensky, stating that the conflict between Moscow and Kiev “must and will end soon.”
Trump further claimed that the US had spent “billions of dollars globally, with little to show.”
Though Trump did not specify Bessent’s travel date, Bloomberg and Reuters report it will happen this week for preliminary negotiations.
Zelensky has signaled openness to such a deal but acknowledged that nearly half of what Kiev claims as its rare earths are located in areas controlled by Russia. He said Kiev’s supporters must help push Russian forces out of the mineral-rich areas before any investment can take place.
Before the 2022 escalation of the Ukraine conflict, the country held Europe’s largest titanium and lithium reserves, critical for military and energy industries. Around $7 trillion of Ukraine’s total mineral wealth of around $14.8 trillion is in its former Donbass regions of Donetsk and Lugansk, according to Forbes.
However, these two regions declared independence from Ukraine in 2014 after the Western-backed Maidan coup in Kiev and later voted to join Russia.
Trump’s demand has sparked strong criticism, including from German Chancellor Olaf Scholz, who argued that it “would be very selfish” to use Ukraine’s resources to finance defense support.
The US leader has been calling for a swift resolution to the conflict, signaling potential peace talks between Moscow and Kiev. He has reportedly tasked his special envoy for Ukraine, Keith Kellogg, with negotiating a settlement within 100 days.
However, no concrete details of a plan have been disclosed. Moscow has expressed openness to talks but insists that any negotiations must be based on equal and mutually acceptable terms, reflecting the realities on the ground and Russia’s national interests.
According to Bloomberg, Kellogg plans to present Trump with potential strategies to end the conflict in the coming weeks.
