U.S. Treasury Secretary Scott Bessent traveled to Kyiv on Wednesday to negotiate a crucial minerals agreement as Ukraine seeks to secure support from U.S. President Donald Trump during a critical phase of the ongoing conflict with Russia.

Bessent, marking the first visit to Ukraine by a cabinet-level official from Trump’s administration, is expected to meet with President Volodymyr Zelenskiy, who has expressed willingness to engage in discussions with Washington and aims to secure U.S. security assurances to bring an end to the war with Russia.

This visit followed a predawn Russian ballistic missile strike that resulted in one fatality in Kyiv, causing alarm among residents as explosions echoed through the city.

Trump has indicated a desire for a swift resolution to the violence but has not clarified his stance on continuing essential military support to Kyiv. He has expressed interest in acquiring $500 billion worth of rare earth minerals from Ukraine, emphasizing that U.S. backing must be “secured.”

In a recent interview with Reuters, Zelenskiy outlined the framework of a potential agreement, presenting a map that highlighted various mineral deposits and asserting that he is proposing a collaborative partnership for their development rather than simply transferring ownership.

A U.S. official familiar with the discussions noted that Bessent, a former hedge fund manager, intends to address a strategic minerals pact that would encompass energy resources, energy assets, and state-owned enterprises.

Those comments may partially allude to a proposal for utilizing Ukraine’s extensive underground storage facilities to hold U.S. natural gas intended for Europe, a topic that President Zelenskiy has indicated is under discussion between Kyiv and the White House. According to sources, such an agreement would enhance U.S. interests in both the security and economic stability of Ukraine.

This visit serves as a clear indication of genuine U.S. commitment to Ukraine, which is particularly reassuring for a Kyiv that is closely monitoring the Trump administration’s interactions with Russian President Vladimir Putin.

On Tuesday, a U.S. prisoner was released by Russia following a trip to Moscow by U.S. special envoy Steve Witkoff, marking the first visit by a senior U.S. official to Russia since the onset of the invasion in February 2022. The potential minerals agreement illustrates how Ukraine has swiftly adjusted its foreign policy to align with the transactional approach advocated by the new administration in Washington, which is Ukraine’s key ally during wartime.

SIGNIFICANT ADVANCEMENTS

Trump’s choice to send his treasury secretary to Ukraine before any other official is notable, especially in a wartime capital that has seen a continuous influx of Western security, defense, and political figures over nearly three years of conflict. Bessent has committed to intensifying sanctions on Russia’s oil industry, a strategy initiated by the Biden administration just prior to its departure.

As hostilities continue in eastern Ukraine, where Russian forces have made significant gains, this visit marks the beginning of a series of critical diplomatic challenges for Ukraine this week. Additionally, on Wednesday, the Ukraine Defence Contact Group, established under former President Joe Biden to provide military support to Ukraine, will meet for the first time since Trump assumed office, with U.S. Defense Secretary Pete Hegseth in attendance.

As the week draws to a close, Zelenskiy is set to meet with U.S. Vice President JD Vance at the Munich Security Conference, where Keith Kellogg, Trump’s special envoy for Russia and Ukraine, is also expected to be present. Trump has claimed to have made “tremendous progress” toward facilitating a deal between Ukraine and Russia and anticipates a conversation with Zelenskiy this week.

On Monday, Russia’s chief representative for U.S. relations stated that all of Putin’s conditions must be fully satisfied before the conflict in Ukraine can conclude, indicating that Moscow is adopting a tough stance with Trump. These conditions require Ukraine to abandon its NATO aspirations and withdraw its forces from the entirety of four Ukrainian regions that are claimed and largely controlled by Russia, a demand that Kyiv has equated to surrender.

Zelenskiy has mentioned that his team is actively working to arrange a meeting with Trump, emphasizing the importance of this meeting occurring prior to the U.S. president’s discussions with Putin. Trump has suggested that he has had conversations with Putin but has not provided specific details. The Kremlin has neither confirmed nor denied these discussions.