The Kremlin has stated that some American companies have shown interest in joint rare earth metals projects in Russia, although discussions are still in the early stages. This potential agreement on minerals extraction with Kyiv is seen as crucial in President Trump’s efforts to end the conflict in Ukraine. Russian President Putin suggested the U.S. might be interested in exploring rare earth metals deposits in Russia, which has the fifth-largest reserves of these crucial metals.
Kremlin spokesman Dmitry Peskov mentioned that no documents have been signed yet due to sanctions on U.S. firms in Russia, but some American companies are showing interest in mutually beneficial projects. Putin’s investment envoy, Kirill Dmitriev, confirmed that talks with American firms have begun, without naming specific companies or providing further details. Rare earth metals are essential for various technologies such as electric vehicles, cell phones, and missile systems, with no known substitutes.
Russia’s reserves of rare earth metals are estimated at 3.8 million metric tons by the U.S. Geological Survey, but Moscow believes the actual amount is much higher. The possibility of cooperation in this area may be further discussed at upcoming Russia-U.S. talks in Saudi Arabia in mid-April. The potential for joint projects in rare earth metals reflects a desire for mutually beneficial agreements between Russia and the United States.
