WASHINGTON, Feb 11, 2025 – US Treasury Secretary Scott Bessent will travel to Ukraine this week, marking the first Cabinet-level visit from President Donald Trump’s administration to the war-torn nation. The visit comes as the administration seeks to end the ongoing Russia-Ukraine war and secure American access to Ukraine’s valuable natural resources.
President Trump announced the visit in a social media post on February 11, highlighting the administration’s interest in gaining access to Ukraine’s rare earth minerals, energy resources, and energy assets. According to a source with direct knowledge of the matter, discussions will also cover the future of some of Ukraine’s state-owned enterprises.
Both Ukrainian President Volodymyr Zelensky and President Trump have expressed interest in a pact that would grant the US access to Ukraine’s rare earth resources in exchange for continued support in fending off the Russian invasion. US National Security Adviser Mike Waltz emphasized the importance of recouping costs through a partnership with Ukraine, focusing on rare earths, natural resources, and oil and gas.
In addition to Secretary Bessent, several other high-ranking US officials are traveling to Europe this week to discuss the Ukraine war with Kyiv and other European allies. The delegation includes Secretary of State Marco Rubio, Vice-President J.D. Vance, Defence Secretary Pete Hegseth, and US envoy for the Ukraine war, Mr. Keith Kellogg.
President Trump underscored the significant financial commitment the US has made globally, stating, “The US has spent billions of dollars globally, with little to show.” He reiterated the administration’s goal of securing American interests in Ukraine’s natural resources as part of the ongoing support for the country’s war effort.
Rare earth minerals are critical for the production of magnets used in electric vehicles, cellphones, missile systems, and other electronics. With no viable substitutes and growing demand, securing access to these resources is a strategic priority for the US.
The Trump administration also plans to encourage European allies to purchase more American weapons for Ukraine ahead of potential peace talks with Moscow, according to recent reports.