Editor’s note: This article has been updated to reflect that the expected mineral deal signing was abruptly called off Friday after President Donald Trump and Ukrainian President Volodymyr Zelenskyy clashed during their Oval Office meeting.
President Donald Trump’s Treasury Secretary Scott Bessent confirmed Thursday that a deal between the United States and Ukraine for mineral extraction has been finalized, and it’s a “win-win” for all parties.
The U.S. had struck a deal with Ukraine on Tuesday to jointly develop mineral extraction projects following weeks of negotiations, according to multiple sources. Bessent, on “Kudlow,” asserted that Ukrainian officials had approved the agreement on Wednesday and that it would be signed on Friday, but Trump and Ukrainian President Volodymyr Zelenskyy ended up clashing during their Oval Office meeting, with the White House subsequently telling Daily Caller White House correspondent Reagan Reese that “nothing will be signed.”
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“I went to Kyiv two weeks ago and met with President Zelenskyy. Since then, we have struck a deal. Their governing council approved the deal last night. So I have an agreement from their economics minister. So the deal is done. President Zelenskyy is coming here to sign the deal tomorrow,” Bessent said. “So there is no more negotiation. There is nothing else. I’m sure President Zelenskyy and President Trump will have a wide-ranging discussion. But as far as the deal, it is complete, it is on paper and the Ukrainian government has approved it. It is just awaiting the signature of the two heads of state tomorrow.”
“And it is a deal on strategic minerals, oil and gas and infrastructure assets. And it’s really a win-win because it brings the Ukrainian people and the American business community closer together. It shows the American people that there is upside here for them, that we have not squandered the money because the American people are always concerned about overseas interventions,” he continued. “There’s a lot of corruption. So this deal takes out the possibility of any corruption using Americans’ best practices. So I think it’s very exciting. President Trump is going to be the first president ever to create assets for the American people rather than the debt.”
The deal reportedly does not consist of explicit security guarantees from the U.S., but Ukrainian officials told the Financial Times that it will bolster ties between the nations.
Trump announced on Feb. 12 that negotiations to finish the Ukraine-Russia war were in progress after a call with Russian President Vladimir Putin. The war has spanned three years, with tens of thousands losing their lives.
Since the war started in February 2022, the U.S. has spent over $130 billion in aid to Ukraine. Trump vowed to bring peace to Ukraine and the world during his campaign.
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