US Treasury Secretary Scott Bessent said on Wednesday that a minerals deal between Kyiv and Washington would provide Ukraine with a post-war “security shield”, and President Volodmyr Zelensky said he hoped to reach an agreement later this week.
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Bessent, the first cabinet-level official on Donald Trump’s team to visit Kyiv, spoke after Zelensky said he was ready to do a deal to open Ukraine’s mineral resources to US investment, as he vies for the US president’s backing.
Trump, who wants a rapid end to the war with Russia but has not said whether he will continue vital military aid to Kyiv, has said he wants US$500 billion in rare earth minerals from Ukraine and that Washington’s support needs to be “secured”.
Following is an overview of the critical minerals, including rare earths, and other natural resources in Ukraine that could be of interest to the US and other partners:
What are rare earths and what are they used for?
Rare earths are a group of 17 metals used to make magnets that turn power into motion for electric vehicles, mobile phones, missile systems, and other electronics. There are no viable substitutes.
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