Putin said that Moscow has no objections to a potential U.S.–Ukraine minerals deal.
Russian President Vladimir Putin said Moscow is open to partnering with the United States on joint resource exploration and extraction, including rare earths, and has no objections to a potential U.S.–Ukraine minerals deal.
“We, by the way, would be ready to offer [joint projects with] our American partners,” Putin said to Russian state broadcaster VGTRK on Feb. 24, after chairing a meeting with his ministers and economic advisers on rare earth metals, which are critical in many modern technologies, both civilian and military.
“And when I say ‘partners,’ I mean not only administrative and governmental structures but also companies, if they showed interest in joint work.”
Putin also said that Moscow has no objections to a potential U.S.–Ukraine minerals deal.
“This does not concern us. I am not weighing up this issue in any way,” Putin said of the proposed U.S.-Ukraine economic partnership, which involves Ukraine allocating revenues from its natural resources to a reconstruction fund, with Washington having certain economic and governance rights over these assets.
The Russian leader offered the United States the opportunity for joint exploration of Russia’s own critical mineral deposits, as well as the renewed supply of aluminum. Putin said Russia could supply 2 million tons of aluminum annually to the United States if trade resumes, noting it once made up 15 percent of U.S. aluminum imports before 2023 tariffs.
Putin also suggested that Russia and the United States explore joint efforts in hydropower and aluminum production in Siberia’s Krasnoyarsk region, a key industrial hub and home to Rusal, the country’s largest aluminum manufacturer.
Speaking of rare earths, Putin said, “We undoubtedly have, I want to emphasize, significantly more resources of this kind than Ukraine,” adding that Russia is doing little to extract these resources.
With an estimated 3.8 million metric tons of rare earth metal reserves, Russia ranks as the world’s fifth-largest holder, trailing China, Brazil, India, and Australia, according to data from the U.S. Geological Survey.
Besides expressing willingness to cooperate with the United States on economic matters, Putin also said Moscow is open to an agreement with Washington on scaling back defense budgets, with Putin mentioning a mutual reduction of 50 percent. He also praised President Donald Trump’s efforts at pursuing a settlement to the war in Ukraine in the name of peace, with Putin saying that he shares this goal.
By Tom Ozimek
