Washington and Moscow have reportedly started discussions on joint rare earth projects in Russia. Kirill Dmitriev, head of Russia’s sovereign wealth fund, confirmed this during a press conference. He stated, "Rare earth metals are an important area of cooperation, and we have already begun discussions on various projects in Russia." Dmitriev, part of Russia’s negotiating team during February talks with US officials in Saudi Arabia, mentioned that some companies have expressed interest in joint ventures. However, the discussions are still in the early stages, with no specific details yet, but the mutual interest is evident. Both sides see this as a mutually beneficial opportunity.

President Donald J. Trump and President Vladimir Putin.

Russian President Vladimir Putin had previously suggested that the US might be open to exploring rare earth deposits in Russia, given its fifth-largest reserves. These metals are crucial for magnets, mobile phones, and military equipment. Putin emphasized that Russia would be happy to work with any foreign partners, including American companies, in regions like Siberia and the Far East.

On the US side, President Donald Trump claimed that an upcoming deal with Ukraine could allow the US to recoup billions spent on military aid. In response, Ukraine’s President Volodymyr Zelenskiy rejected any agreement that would weaken the country’s EU integration. Ukraine’s fate remains closely tied to the US military support it receives. The deal is seen as a delicate balance between economic recovery and geopolitical stability.

Russia’s estimated rare earth reserves are 3.8 million tonnes, but the country claims the actual figure is much higher. The discussions, if expanded, could pave the way for future cooperation, though details remain unclear. For now, both sides are seen as cautious, weighing the potential benefits and risks of this partnership.