MOSCOW (Reuters) – The Kremlin made a statement on Tuesday regarding the significant rare earth metal deposits found in Russia and expressed its willingness to engage in collaborative efforts for their development. This announcement came after President Vladimir Putin hinted at the potential for cooperation in this area with the United States.
Kremlin spokesman Dmitry Peskov emphasized, “The Americans have a demand for rare earth metals, and we possess a considerable amount of them.” He further elaborated, “While we have our own strategic plans for resource development, there exist extensive opportunities for cooperation.”
President Putin, in an interview with state television on Monday, indicated Russia’s readiness for joint initiatives with American counterparts, both from the government and private sectors, within the framework of a future economic agreement between Russia and the United States.
President Donald Trump of the United States has previously committed to the occurrence of “significant economic transactions with Russia.” Peskov acknowledged that substantial efforts are required to normalize relations between Moscow and Washington before economic agreements can be formalized.
Peskov highlighted, “The immediate priority is the resolution of the Ukrainian crisis.” He continued, “Subsequently, as the Americans have also expressed interest, discussions regarding potential projects related to trade, economic cooperation, and investments will be on the agenda.”
“Once there is a display of political willingness, we will be ready to engage in cooperation concerning rare earth metals,” Peskov affirmed.
Rare earth metals, a group of 17 elements crucial for the production of magnets used in various applications such as electric vehicles, cell phones, missile systems, and electronics, play a vital role in modern technology. Russia ranks as the world’s fifth-largest holder of rare earth metal reserves, as per data from the U.S. Geological Survey, following China, Brazil, India, and Australia.
Separately, negotiations between the U.S. and Ukraine are underway for a potential agreement involving rare earth metals. President Trump indicated that these discussions are nearing completion. In response, President Putin stated that Russia does not view these negotiations as a source of concern.
(Reporting by Dmitry Antonov; Writing by Lucy Papachristou; Editing by Andrew Osborn)
