Last week, President Trump finalized a mineral contract and also engaged with Ukraine to strengthen its position against Russia in peace negotiations.
In a keynote speech at the Milken Institute Global Conference in Los Angeles, Treasury Secretary Scott Bescent explained that the economic partnership was Trump’s initiative and aimed to bolster his negotiating power with Russia. “By starting with Ukraine, we wanted to demonstrate a unified front between the US and the Ukrainian populace,” he noted.
According to Bescent, this move symbolizes that the United States remains committed to supporting Ukraine.
On April 30, Bescent and Ukrainian Economy Minister Yulia Swillidenko agreed to create a joint fund, dividing the revenue from new oil, gas, and mineral licenses in Ukraine equally.
Trump also suggested that this funding could help recoup some of the billions the US has invested in Ukraine during Russia’s prolonged invasion.
Bescent recalled that he initially visited Ukraine in mid-February, hoping for Ukrainian President Voldimi Zelensky to sign the contract, but that didn’t happen at the time.
However, Zelensky was prepared to sign when he traveled to Washington on February 28, but an unexpected incident in the Oval Office involving Zelensky, Trump, and Vice President JD Vance caused delays.
“Sometimes, things blow up, and you end up with a better deal,” Bescent commented. What was signed that day, he explained, was merely a brief memorandum.
Following the unexpected events, they decided to pivot the focus to opportunities at the Ministry of Finance, directing their team to draft a comprehensive agreement comprising several contracts spanning hundreds of pages.
Bescent added that the arrangement regained momentum after Trump and Zelensky met with Pope Francis prior to a funeral on April 26.
He described the partnership as a “win-win,” jokingly referring to it as one of those intense deals that don’t quite follow the norm.
The White House clarified that the mineral trade serves as a security assurance, considering America’s invested interests in the conflict-afflicted nation.
Despite ongoing efforts from the Trump administration to initiate peace discussions, neither Russia nor Ukraine has taken significant steps toward dialogue, leading to growing frustration among senior officials, including the president.
