U.S. Treasury Secretary Scott Bessent is set to visit Ukraine this week to negotiate a possible agreement regarding rare earth minerals, as per a source familiar with his itinerary.
Bessent will mark the first cabinet-level visit to Ukraine from President Donald Trump’s administration.
Both Ukrainian President Volodymyr Zelenskiy and Trump have shown interest in an arrangement that would allow the United States to access Ukraine’s rare earth resources in return for ongoing support against the Russian invasion.
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The source, who wished to remain anonymous due to the confidential nature of the plans, did not provide further details about the schedule. The White House has not yet responded to requests for comment.
Bloomberg was the first to report on Bessent’s travel plans.
Rare earth elements are essential metals utilized in the production of magnets that convert electrical energy into motion for electric vehicles, smartphones, missile systems, and various other electronic devices. There are no effective alternatives, and demand is anticipated to rise significantly.
Additionally, several other U.S. officials are heading to Europe this week to discuss the ongoing conflict in Ukraine with Kyiv and other European partners. This group includes Secretary of State Marco Rubio, Vice President JD Vance, Defense Secretary Pete Hegseth, and Keith Kellogg, the U.S. envoy for the Ukraine conflict.
Reuters has reported that the Trump administration intends to encourage European allies to increase their purchases of American weapons for Ukraine in anticipation of potential peace negotiations with Moscow.
