Some companies have expressed interest in developing Russian deposits, Kirill Dmitriev has said
Discussions with the US regarding the use of Russian rare-earth minerals are underway, with several companies indicating interest in collaboration, according to Kirill Dmitriev, an adviser to President Vladimir Putin on international economic cooperation.
Dmitriev – the CEO of the Russian Direct Investment Fund (RDIF) and a key member of Moscow’s delegation during talks in February aimed at normalizing relations with the US – confirmed the ongoing discussions on joint rare-earth projects in an interview with Izvestia published on Monday.
“It’s an important part of cooperation, so we have certainly started discussing various rare earth projects in Russia,” he stated. Any Western involvement in extraction would require a significant easing of the sanctions on Russia, Izvestia noted.
Moscow seeks to develop its significant untapped deposits of the minerals, which are crucial for modern industry. In February, Putin suggested that Washington could also benefit from the resources after US President Donald Trump announced plans to normalize relations. Ukraine’s Vladimir Zelensky has offered his country’s mineral resources to Trump in exchange for continued support in the conflict with Russia.
The Trump administration is pursuing an agenda of reindustrialization following years of manufacturing shifting towards parts of the world with lower labor costs. Estimates suggest that the use of rare-earth minerals in the US could double as a result of this policy. The White House is actively seeking reliable sources of the vital materials.
Last year, Zelensky included privileged access to Ukraine’s natural resources for donor countries as part of his ‘victory plan’. Following his inauguration in January, Trump proposed a deal with Kiev aimed at recouping American aid provided during the Ukraine conflict. The latest version of Washington’s proposal reportedly seeks extensive US control over Ukraine’s extraction industry and transport infrastructure.
Following media reports suggesting that the agreement is unfavorable to Ukraine, Zelensky expressed reluctance to sign it. Trump warned that the Ukrainian leader would face “big, big problems” if he attempts to back out of the deal. Zelensky previously suggested that discussions on mineral resources were intended to secure the renewal of American assistance and intelligence sharing, which Trump temporarily suspended in late February.
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