President Donald Trump’s Treasury Secretary Scott Bessent confirmed Thursday that a major U.S.-Ukraine mineral extraction deal has been finalized, calling it a “win-win” for both nations. The agreement, which covers strategic minerals, oil, gas, and infrastructure assets, aims to boost economic cooperation while ensuring transparency and eliminating corruption risks.
Negotiations had been ongoing for weeks before a breakthrough was reached on Tuesday. According to Bessent, Ukraine’s governing council approved the deal on Wednesday, setting the stage for an official signing. However, tensions between Trump and Ukrainian President Volodymyr Zelensky during their Oval Office meeting led to uncertainty, with the White House later stating that “nothing will be signed.”
Bessent, speaking on Kudlow, emphasized the significance of the agreement. “This deal brings the Ukrainian people and the American business community closer together,” he said. “It shows the American people that there is upside here for them, that we have not squandered money because the American people are always concerned about overseas interventions.”
He further explained that the agreement was structured to prevent corruption, implementing American best practices. “President Trump is going to be the first president ever to create assets for the American people rather than debt,” Bessent added.
The deal does not include explicit U.S. security guarantees, but Ukrainian officials told the Financial Times that it will strengthen economic and diplomatic ties. This comes as Trump pursues negotiations to bring an end to the ongoing Ukraine-Russia conflict, which has lasted three years and claimed tens of thousands of lives.
Since the war began in 2022, the U.S. has provided over $130 billion in aid to Ukraine. Trump has pledged to prioritize peace efforts while ensuring that any U.S. involvement benefits American taxpayers.
