Treasury secretary says Ukraine minerals deal could launch post-Cold War levels of economic growth

Treasury Secretary Scott Bessent believes Ukrainian President Volodymyr Zelensky could see historic boosts to his nation’s economy from the US-brokered minerals deal could discourage future Russian aggression.

“I always say economic security is national security,” Bessent told Post columnist Miranda Devine during an interview on her new podcast “Pod Force One,” adding that when the conflict ends, the US-Ukraine minerals deal could create post-Cold War growth levels for Kyiv’s markets.

Bessent explained that after the Iron Curtain fell, the Polish and Ukrainian economies were similar sizes, but that the Polish economy is now three times larger. 

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With the help of the minerals deal, Bessent is hopeful that Ukraine’s economy will gain similar momentum.

“If the Ukrainian economy could grow at that rate,” Bessent said, “I think the Russians might be afraid of them at that point.”

The long-awaited deal was finally agreed to in April, with Bessent signing on behalf of Washington.

The US-Ukraine partnership includes the establishment of a Joint Reconstruction Investment Fund, which will allow both nations to acquire oil, gas and critical mineral licenses and split any profits 50/50.

American military assistance to Ukraine will also be counted as a financial contribution to the fund, allowing Washington to continue supporting the war effort without dipping into taxpayer money.

Prior to its April signing, Zelensky had wavered on whether or not to join the deal, prompting a fiery exchange between himself, President Trump and Vice President Vance earlier this year.

That Feb. 28 meeting had devolved into a shouting match, derailing plans to sign the minerals bill into effect.

Later that day, Trump wrote on Truth Social that Zelensky had “disrespected the United States of America in its cherished Oval Office” and that Zelensky could “come back when he is ready for Peace.”

“He is a guy who got thrust into unusual and dangerous circumstances and has played a tough hand,” Bessent told Devine, noting how the Ukrainian leader rose to political prominence after having been a comedian and entertainer. “He’s a vaudevillian.”

During the “Pod Force One” interview, Bessent also speculated that part of Zelensky’s initial hesitation to sign on to the mineral deal was because of pressure from wealthy Ukrainian constituencies.

The treasury secretary pointed out that Ukraine is one of the most corrupt countries in the world, ranking 105th of 180 countries on Transparency International’s Corruption Perceptions Index.

As Bessent sees it, the money from the deal will not be “siphoned off to the south of France” or to “Geneva bank accounts,” instead going into the pockets of everyday Ukrainians.

According to the latest World Bank estimate, the price of rebuilding war-torn Ukraine has reached approximately $524 billion.

The minerals deal could give American investors an advantage in securing some reconstruction contracts.

“So now, despite President Zelensky’s kind of to-ing and fro-ing, once the agreement was signed, there’s no daylight between the Ukrainian people and the American people,” Bessent told Devine.

“And if they win, we win. If we win, they win.”