March 31, 2025
Russia in talks with US on rare earths deal, top official says
Russia and the United States are discussing possible cooperation on Russian rare earth minerals, according to Kirill Dmitriev, head of Russia’s sovereign wealth fund.
In an interview with the Russian newspaper Izvestia published on Monday, he said that companies have already expressed interest in these ventures, although he did not provide further details.
“Rare earth metals and elements are an important area of cooperation, and we have certainly begun discussions on various rare earth projects in Russia,” Dmitriev said.
Rare earths are metals essential to modern technology, including smartphones, laptops and electric cars.
Dmitriev heads the Russian Direct Investment Fund and is a key player in Moscow’s negotiations with Washington to normalize ties. US President Donald Trump has pledged to mend strained relations with Moscow and end Russia’s war against Ukraine.
Russian President Vladimir Putin first proposed cooperation on raw materials in February. He also noted that Russia’s deposits of these critical minerals far exceed those of Ukraine, a country with which Trump is also negotiating a deal.
On Sunday, Trump later warned Ukrainian President Volodymyr Zelenskyy not to back out of the minerals deal with the US. “I see he’s trying to back out of the rare earth deal,” Trump said, speaking to reporters aboard the Air Force One. If Zelenskyy does that, “he’s got some problems, big, big, problems,” the US president added.
