Russia’s envoy offers joint ventures in metals and space tech, but Putin cautions Western firms cannot reclaim assets cheaply after exiting Russian market.
By yourNEWS Media Newsroom
Moscow extended an economic olive branch to American businesses on Tuesday, hours ahead of a phone call between Russian President Vladimir Putin and U.S. President Donald Trump, signaling interest in cooperation on rare earth metals and space technology. The overtures, made by Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), included an offer to allow U.S. companies access to Russia’s extensive rare earth deposits, as well as a proposal to work with Elon Musk’s SpaceX to support Russia’s space ambitions.
Dmitriev’s remarks, delivered during a business forum in Moscow, emphasized Russia’s desire for economic collaboration under a potential future deal with the United States. “Russia’s reserves of rare earth metals exceed the amount in Ukraine by several fold, and we are looking at a number of Russian deposits,” Dmitriev told reporters. “We would like to involve American companies in these projects, there is significant interest, but Russia must also be interested.”
According to U.S. Geological Survey data, Russia holds the fifth-largest reserves of rare earth metals globally, totaling 3.8 million metric tons, following China, Brazil, India, and Australia. Rare earth metals are essential for the technology sector and have become a focal point in U.S. efforts to reduce reliance on Chinese supply chains.
In addition to rare earths, Dmitriev expressed Russia’s intent to engage SpaceX’s Musk in discussions about joint space missions, including potential cooperation on Mars exploration. “Discussions with Musk will be as early as in the near time. We believe Musk is a unique leader, focusing on the mankind to move forward together,” Dmitriev said, according to Russian state news agency TASS. He confirmed contact with Roscosmos, Russian business leaders, and the American Chamber of Commerce in Russia.
Dmitriev, a Harvard-educated figure involved in earlier U.S.-Russia negotiations in Saudi Arabia, highlighted Moscow’s interest in deepening economic ties with American firms. However, President Putin, speaking at the same forum, delivered a stern warning to Western companies that exited Russia after the Ukraine invasion. He said firms would not be allowed to repurchase assets or re-enter the Russian market at bargain prices.
“I would like to repeat again, we did not expel anyone. Those who left our market made that decision on their own,” Putin said, adding, “If the niches of Western companies are already occupied by Russian businesses, then, as I said before, that ‘train has left the station.’ There will be no privileges or preferences for those returning.”
Putin also stated that firms which sold assets “at a bargain price, essentially left it to its fate,” and would not be permitted to reacquire them for “peanuts.” He noted that the Russian government is monitoring firms with buyback options, ensuring each case is evaluated, as reported by TASS.
Following the phone call between Trump and Putin, the White House confirmed that Putin agreed to a partial cease-fire in Ukraine, targeting energy and infrastructure assets. The cease-fire, part of ongoing efforts to resolve the conflict, adds a significant diplomatic backdrop to Russia’s renewed outreach to American businesses.
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