On Tuesday, the Kremlin announced that Russia possesses abundant rare earth metal deposits and expressed willingness to engage in partnerships for their development following President Vladimir Putin's indication of potential collaboration with the United States.
Kremlin spokesperson Dmitry Peskov stated, "The Americans need rare earth metals. We have a lot of them," emphasizing potential for cooperation while highlighting Russia's strategic resource development plans.
Putin proposed joint endeavors with American counterparts, both governmental and private, as part of a future Russia-U.S. economic agreement. President Donald Trump pledged significant economic ventures with Russia.
To facilitate economic deals, Peskov stressed the necessity to first normalize Moscow-Washington relations, citing the need to address the Ukrainian crisis as a priority before considering trade, economic, and investment cooperation projects.
Regarding the production of rare earth metals, Peskov noted that once there is mutual political will, Russia is ready for collaboration. Rare earths are vital for manufacturing magnets essential in electric vehicles, cell phones, missile systems, and various electronics.
Notably, Russia ranks fifth globally in rare earth metal reserves after China, Brazil, India, and Australia, according to the U.S. Geological Survey.
In separate negotiations, the U.S. and Ukraine are discussing rare earth metal collaborations, with President Trump mentioning proximity to finalizing a deal, which according to Putin, does not raise any concerns for Russia.