Ukraine and the U.S. have reached an agreement on a rare earth minerals deal, Fox News can confirm.
The deal, which was initialed by the Ukrainians on Wednesday, will be signed officially in the Oval Office by Presidents Trump and Zelenskyy. The Ukrainian leader is slated to visit the White House on Friday.
Fox News learned Wednesday that no security agreement was spelled out in the final document, but that will likely be finalized during the wider negotiations.
The deal, which was first offered by the White House during Treasury Secretary Scott Bessent’s visit to Ukraine earlier in February, will "intertwine" the two economies, he said.
Ukraine's President Volodymyr Zelensky (R) speaks with Treasury Secretary Scott Bessent (R) during their meeting in Kyiv on Feb. 12, 2025. (Photo by TETIANA DZHAFAROVA/AFP via Getty Images)
"It is a win-win, as the American people have a stake in the recovery of the Ukrainian economy post this conflict," Bessent told Maria Bartiromo on Fox News' "Sunday Morning Futures" ahead of the agreement. "And we will get to the other side of this conflict, then they, the U.S., will share in the benefits."
Ukraine is rich in natural resources, including what is considered Europe’s largest block of titanium used in military aircraft and lithium used in electric batteries, among others. Trump is seeking a 50% cut of extractions. The country also has a large untapped natural gas reserve, according to experts. Bessent said they’ll work to process the minerals in the U.S. or Europe, not China, where it currently takes place.
A bucket-wheel excavator mines rare earth materials on Ukrainian soil on Feb. 25, 2025 in the Zhytomyr region of Ukraine. (Photo by Kostiantyn Liberov/Libkos/Getty Images)
As of mid-2024, Congress has approved $175 billion in aid and military assistance to the Ukrainian government since Russia’s invasion in February 2022, according to the nonpartisan Committee for a Responsible Federal Budget.
"The real payoff will be when the conflict ends and there is the rush to rebuild Ukraine," the treasury secretary told FOX Business' Edward Lawrence in an exclusive interview during his trip to Ukraine. Wall Street firms including JPMorgan and BlackRock have reportedly discussed investing in the war-torn region, as reported by FOX Business in 2023.
Following Bessent's visit, Trump blasted Zelenskyy, saying he's "had it" with the wartime leader.