US Treasury expects to sign minerals deal with Ukraine next week

US Treasury Secretary Scott Bessent has said that Ukraine could conclude a mineral deal in the coming days, and US President Donald Trump is ready to tighten sanctions against Russia if necessary.

"We have passed along a completed document for the economic partnership (that) is currently being reviewed by Ukrainians, and we hope to go to full discussions and perhaps even get signatures next week," Bessent said, as quoted by Reuters.

Regarding sanctions against Russia, Bessent stated that "it will be determined by Russian leadership's next moves, whether the sanctions go up or down".

"President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage", Bessent said.

Following talks in the Saudi city of Jeddah on 11 March, the presidents of the United States and Ukraine reached an agreement on the development of Ukraine's critical mineral resources.

Afterwards, Olha Stefanishyna, Deputy Prime Minister for European and Euro-Atlantic Integration, said that the framework agreement with the US on mineral resources had been completed and that Ukraine was ready to sign it at any time.

On 24 March, Trump announced the signing of an agreement on rare earth metals with Ukraine "soon", and Ukrainian President Volodymyr Zelenskyy said that the United States had offered Ukraine a new version of the minerals agreement which would immediately require ratification in parliament beyond the original framework agreement.