US Treasury Secretary unveils economic transparency plan for Ukraine under Trump

US Treasury Secretary Scott Bessent outlined plans to bring a heightened level of "transparency" to Ukraine's economic dealings under the Trump administration. 

Bessent, appointed by President Donald Trump to help mediate the ongoing conflict with Russia, unveiled an ambitious economic proposal involving rare earth materials for Ukrainian President Volodymyr Zelenskyy, Caliber.Az reports via foreign media.

Bessent explained that the proposed partnership with the US would offer Ukrainian businesses a level of scrutiny and accountability previously absent. "By partnering with the United States, we’re bringing a new level of transparency to Ukrainian business," he said. "We will be implementing the highest corporate hygiene standards and best practices, which we expect to permeate throughout Ukraine."

The Treasury Secretary stressed that the US's involvement would ensure robust accountability in all financial transactions, ensuring that any funds owed to Ukraine are properly managed. "Our deals will be structured with full accountability," Bessent added. "This means that every penny owed will be accounted for, ensuring nothing slips through the cracks."

Ukrainian President Zelenskyy has indicated he will carefully review the proposal and respond after his meeting with Vice President JD Vance in Munich on February 14. US Secretary of State Marco Rubio is also expected to lead the American delegation at the crucial talks. Although the specifics of the deal remain under wraps, Bessent suggested that it would include US rights to a portion of Ukraine's existing revenue from key resources.

"The speed of implementation depends on the willingness of parties to take risks," Bessent noted. "But the true payoff will come when the war ends, and we see a flood of investment for the reconstruction of Ukraine."

The move comes as major Wall Street players, including JPMorgan and BlackRock, have shown interest in investing in Ukraine’s recovery following the war, as reported by FOX Business in 2023. Since the Russian invasion in February 2022, Congress has approved $175 billion in military and financial aid to Ukraine, according to the Committee for a Responsible Federal Budget.

Bessent emphasized that the rare earth materials deal represents a crucial first step in President Trump's broader strategy to end the conflict. "This will send a clear message to the Russians that the US has a long-term commitment to Ukraine," Bessent said. "Our growing presence on the ground will act as a powerful deterrent to any future Russian aggression."

The economic agreement marks a bold chapter in US-Ukraine relations, setting the stage for a peace initiative that seeks to not only restore stability to the region but also reshape Ukraine's economic future.

By Aghakazim Guliyev