The Trump administration is pushing Ukrainian President Volodymyr Zelensky to hand over mineral rights worth hundreds of billions of dollars to the U.S. Zelensky said a deal is possible but he wants better terms. WSJ's James Marson explains why these minerals are so valuable and what this potential deal could mean for ending the war between Russia and Ukraine. Further Listening: - Trump 2.0: Shaking Up Europe - Ukraine's $30 Billion Problem Further Reading: - A Guide to U.S.-Russia Talks on Ending the War in Ukraine - Ukraine’s Zelensky Wants Better Terms on Minerals Deal Demanded by Trump Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
Earlier this month, U.S. Treasury Secretary Scott Besant flew to Ukraine. He was there to meet with the country's president, Volodymyr Zelenskyy. And there was something specific Besant wanted to talk with Zelensky about.
— And the account went like this. Besant pushed a piece of paper across the table, which was a deal. A deal for Ukraine to sign away to the U.S. rights to some of its mineral resources.
— That's our colleague James Marson, Ukraine bureau chief. This scene is based on a description from a U.S. Republican lawmaker who spoke with Zelensky a few days later. He demanded that Zelensky sign it.
Zelensky took a look and said he'd discuss it with his team. Besant then pushed it closer to Zelensky and said, you really need to sign this. He then said that people back in Washington would be upset if Zelensky didn't. Zelensky took the document and he didn't commit to signing it.
— The Trump administration was asking for the rights to hundreds of billions of dollars worth of Ukrainian mineral deposits. It says the minerals would repay the U.S. for its military and financial aid to Ukraine during the war. And now, the mineral rights have become a major focus for the Trump administration as it pushes to end the war.
— What you see here is a microcosm of how Trump sees the world. We were giving this money to Ukraine for years. But Trump has come in and said, that's not how we're going to do things anymore. We need something back for that. We need something concrete back for that. For example, access to Ukrainian minerals.
Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudsen. It's Monday, February 24th. Coming up on the show, why the Trump administration wants Ukraine's minerals, and what it could mean for peace talks.
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