Russia makes rare earth metals offer to US

Moscow: Russia expressed its readiness to negotiate a rare earth metals deal with the United States. Dmitry Peskov, press secretary to the Russian president, speaking with media in Moscow on Monday, announced that Russia possesses an abundance of rare earth metals crucial to the US, and a potential agreement would strengthen cooperation between the two nations.

Russian President Vladimir Putin, earlier in the day, announced that Russia is open to collaborating with "foreign partners, including Americans" on developing reserves of rare and rare earth metals, including in parts of Ukraine that are now controlled by Russia."Russia is one of the undisputed leaders in these rare earth metal reserves. We have them in the north, in Murmansk, and in the Caucasus, in Kabardino-Balkaria, and in the Far East, in the Irkutsk region, in Yakutia and Tyva [republics]," Putin said.

He also stated that the US-Ukraine agreement on rare earth metals and other resources does not concern Russia in any way. However, Putin emphasised that before signing any agreement, the US should conduct a thorough assessment of the resources in question. According to Putin, this assessment should determine the authenticity, quantity, and cost of the resources, as quoted by Russia's leading news agency, TASS.

Ukraine and the US are currently in renewed negotiations to sign an agreement on rare earth metals. Ukrainian Minister Olha Stefanishyna took to her social media on Monday, posting, "Ukrainian and US teams are in the final stages of negotiations regarding the minerals agreement. The negotiations have been very constructive, with nearly all key details finalised. We are committed to completing this swiftly to proceed with its signature. We hope both US and UA leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come."

In early February, a potential deal on rare earth metals between the US and Ukraine fell through. Ukrainian President Volodymyr Zelensky and former US President Donald Trump had discussed the agreement, but Kyiv ultimately rejected Washington's proposal. The deal would have given the US access to Ukraine's rare earth metals in exchange for assistance, but Ukraine was unwilling to accept the terms due to the lack of a security guarantee.

(inputs from IANS)