U.S. Secretary of the Treasury Scott Bessent speaks, at the White House, in Washington, U.S. February 3, 2025.
Elizabeth Frantz | Reuters
U.S. Treasury Secretary Scott Bessent will head to Ukraine for discussions about the war with Russia, U.S. President Donald Trump announced Tuesday.
Trump said in a post on Truth Social that Bessent will meet with Ukrainian President Volodymyr Zelenskyy and suggested the two leaders could discuss pathways to ending the conflict.
“This War MUST and WILL END SOON — Too much Death and Destruction,” Trump said in the post. “The U.S. has spent BILLIONS of Dollars Globally, with little to show. WHEN AMERICA IS STRONG, THE WORLD IS AT PEACE.”
Bloomberg News previously reported that Bessent would travel to Kyiv. The Bloomberg report said that discussions could involve giving the U.S. access to mineral reserves in return for continued aid.
In an interview that aired Monday, Trump told Fox News that he wanted “the equivalent of like $500 billion worth of rare earth” from Ukraine. Zelenskyy has indicated openness to a deal around strategic minerals.
The future of U.S. support for Ukraine’s fight against Russia became clouded by Trump’s victory in November. Some of Trump’s high-profile supporters have been critical of U.S. spending on the war, and Trump has said he could end the war in “24 hours.” Trump has also threatened new sanctions on Russia if they do not agree to end the war.
The president’s interest in finding new ways for the U.S. to access critical minerals appears to extend beyond Ukraine, as Trump has also floated the idea of the acquiring resource-rich Greenland from Denmark.
Bessent, a former hedge fund executive, was confirmed as head of the Treasury last month, one week after Trump’s inauguration. Bessent told Senators during his confirmation hearing that he believed the sanctions on Russia under the Biden administration were not strong enough.