Washington and Moscow have initiated discussions on potential joint rare earth projects in Russia, according to Kirill Dmitriev, head of the Russian sovereign wealth fund.
“Rare earth metals are a key area of cooperation, and we have begun talks on various projects in Russia,” Dmitriev told the Russian newspaper Izvestia.
Dmitriev, who was part of Russia’s delegation during negotiations with US officials in Saudi Arabia in February, noted that some companies have expressed interest in possible joint ventures.
The Kremlin acknowledged that discussions remain in the early stages. “There are no concrete agreements yet, but the mutual interest is clear,” Kremlin spokesman Dmitry Peskov stated on Monday. “These are mutually beneficial projects.”
According to Izvestia, the rare earths cooperation could be revisited in the next round of Russia-US talks, expected to take place in Saudi Arabia in the coming weeks.
In February, Russian President Vladimir Putin suggested Washington might be open to exploring Russia’s rare earth deposits, which rank among the world’s largest. These metals are essential for producing magnets, mobile phones, and military equipment.
“We welcome collaboration with any foreign partners, including the Americans,” Putin stated, highlighting Siberia and the Russian Far East as key mining regions.
Meanwhile, US President Donald Trump announced last week that his administration plans to sign a broad minerals and natural resources agreement with Ukraine. However, Ukrainian President Volodymyr Zelenskiy insisted that no deal should compromise the country’s integration with the European Union.
Despite this stance, Ukraine may have little choice but to proceed if it seeks continued US military support. Trump has suggested the forthcoming deal could help the US recoup billions spent on military aid to Kyiv, while Ukraine aims to secure long-term American security guarantees against future Russian aggression.
The US Geological Survey estimates Russia’s rare earth reserves at 3.8 million tonnes, though Moscow claims the actual figure is much higher.
