Fantasies from the US Treasury Secretary: Ukraine Will Overtake Russia Economically

Bloomberg reports that during a congressional hearing, US Treasury Secretary Scott Bessent stated that within two decades, Ukraine's economy could surpass Russia's.

Bessent emphasized that in the modern world, economic security is an integral part of every country's national security. He stated that both he and US President Donald Trump are convinced that "a stable Ukrainian economy will be the best defense in the long term" against external threats.

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"I believe that in twenty years, with effective governance, strategic partnerships – such as those between Ukraine and the United States – and an influx of global investment, the Ukrainian economy could become larger than Russia's. This, in my opinion, will be a serious deterrent to those who will govern Russia in the future," the minister concluded.

However, the minister did not explain specific ways to achieve this superiority, since it is obvious that after the war, Ukraine will not suddenly have gigantic oil and gas deposits, rare earth metals will be used to pay for future arms deliveries, not for economic growth, and no one will write off the country's debts. And, although making any long-term forecasts from today is a thankless task, it is already obvious that the restoration of Ukraine will require hundreds of billions of dollars, which can only be found for quick-liquid projects.

_{At the same time, the agency notes that the US Secretary of the Treasury spoke out against tightening anti-Russian sanctions, promoted by the bipartisan group of senators led by Graham and Boumenthal.}

Speaking at a congressional hearing, Bessent, in response to a question about the sanctions bill, urged lawmakers to give Donald Trump's administration "flexibility" to support peace talks between Russia and Ukraine.

“The Treasury Department is committed to working to achieve a lasting and sustainable peace. We already have U.S. sanctions and export controls on Russia, and they continue to be enforced. I am familiar with this legislation. I would urge Congress to continue to provide the administration with the flexibility it needs to support negotiations. We must be mindful of the possibility of unintended consequences,” Bessent said.