Description: Russia’s special investment envoy Kirill Dmitriev has stated that discussions regarding joint development and exploitation projects of rare earth metals between the US and Russia have already begun. Dmitriev, who was also part of the US – Russia talks in Saudi Arabia, also stated that there was growing interest from American companies to reenter the Russian mining market. The statement comes after President Donald Trump categorically criticized Vladimir Putin and blamed him for backtracking the peace process. Rare earth metals represent key strategic components in various industries and the question of their exploitation has been significantly raised in the first quarter of 2025, as key global players such as the US, Russia and China would aim to dominate the rare earth metal market.
Impact: Despite recent turbulations between Putin and Trump, the US – Russia reestablished relations seem to progressively and gradually develop towards mutual cooperation on several key issues. The alleged interest from American companies to enter the market would highlight the significance of the reestablished partnership and enable both Russia and the US to significantly bolster their economies in between fluctuating geopolitical conditions. Europe has been largely against close partnership between Russia and the US as Trump’s tariffs and adversarial stance on foreign policy questions divided long term allies on key geostrategic issues such as the war in Ukraine. China as one of the key players and impacted by the tariffs enjoys a comfortable position in the rare earth mineral market and has been considerably quiet on the potential US – Russia strategic partnership. The struggle to acquire deposits of rare earth metals is expected to escalate in the upcoming period as the US – China trade war intensifies, while Russia would aim to secure novel economic foundations and resuscitate its global economic positioning.