According to Reuters, Russian President Vladimir Putin has offered the United States the opportunity to jointly explore Russia's rare earth metal reserves and supply aluminum to the U.S. domestic market. This offer came just two hours after U.S. President Donald Trump announced plans to engage in a "major economic development deal" with Russia, following which Putin chaired a meeting on rare earth metals with ministers and economic advisors.
According to data from the U.S. Geological Survey, Russia possesses the fifth-largest rare earth metal reserves in the world, following China, Brazil, India, and Australia.
Putin noted that if the U.S. market reopens, Russian companies could supply up to 2 million tons of aluminum annually to the U.S. market. Prior to the imposition of prohibitive tariffs in 2023, Russian aluminum accounted for 15% of U.S. aluminum imports.
He also stated that the joint project could be expanded to the energy sector, with some Russian and U.S. companies already in discussions, although no further details were provided.
Additionally, Putin suggested that Russia and the U.S. could collaborate on hydropower and aluminum production in the Krasnoyarsk region of Siberia, home to RUSAL, Russia's largest aluminum producer.
Note: In 2024, China imported 2.136 million tons of primary aluminum, with 1.128 million tons coming from Russia, accounting for 52.81%.