Several Russian and U.S. companies have shown an interest in new joint ventures focused on rare earth metals extraction projects, but obstacles remain in the way, according to Kremlin spokesman Dmitry Peskov.
U.S. President Donald Trump has repeatedly expressed interest in forging new economic partnerships with Russia, but he’s still working to resolve the ongoing Russia–Ukraine war.
Speaking with reporters on March 31, Peskov said the emerging mutual interest in joint rare earth extraction “is merely the initial stage following a period in which our relations reached their lowest point.”
“Substantial efforts will be required to rectify the situation,” Peskov said, according to Russian state-backed news agency TASS.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, has also indicated that multiple U.S. companies have shown interest in joint rare earth metals projects with Russia. Dmitriev did not specify which companies.
The Russian Direct Investment Fund is a Russian state-backed sovereign wealth fund. Along with running this state investment fund, Dmitriev serves as Russian President Vladimir Putin’s special representative for foreign economic partnerships and has joined in recent U.S.–Russia diplomatic talks.
Rare earths are a group of 17 metals used in various modern technologies, including computer components, batteries, and magnets.
“Rare earth metals are an important area for cooperation, and, of course, we have begun discussions about various rare earth metals and projects in Russia,” Dmitriev said in an interview with Russia’s Izvestia newspaper published on March 31.
Peskov said that Washington continues to impose economic sanctions on Russia and that “restrictions continue to apply to American companies,” TASS reported.
After raising the tariff threat against Russia initially, Trump softened his tone somewhat, telling reporters aboard Air Force One that although he wasn’t happy with Putin’s recent remarks, he thinks “he’s going to be good.”
As he spoke with reporters on Sunday, the U.S. president signaled some recent challenges in a separate mineral extraction partnership effort between the United States and Ukraine.
Trump said Zelenskyy appeared to be backing out of a deal they’ve been working toward for several weeks.
“We made a deal on rare earths, and now he’s saying, ‘Well, you know, I want to renegotiate the deal,’” Trump said.
“He wants to be a member of NATO. He was never going to be a member of NATO. He understands that. So if he’s looking to renegotiate the deal, he’s got big problems.”
