Russia and the United States are in talks about the possibility of collaborating on Russian rare earth minerals, according to Kirill Dmitriev, who is the chief of Russia’s sovereign wealth fund.

In a recent interview with the Russian newspaper Izvestia, he mentioned that several companies have already shown interest in these projects but did not elaborate on the specifics. 

“Rare earth metals and elements are a significant area for collaboration, and we have already started to discuss several different rare earth projects within Russia,” Dmitriev noted.

Rare earths are vital elements for modern technology, such as smartphones, laptops, and electric cars. 

Dmitriev is the director of the Russian Direct Investment Fund and holds a crucial role in Moscow’s talks with Washington to improve diplomatic relations. US President Donald Trump has expressed his intent to improve strained ties with Moscow and to end the conflict in Ukraine.

Russian President Vladimir Putin first proposed joint efforts on raw materials in February. He also pointed out that Russia’s reserves of these critical minerals greatly surpass those of Ukraine, with which Trump is also in negotiations for a trade agreement.

On Sunday, Trump warned Ukrainian President Volodymyr Zelensky not to withdraw from the minerals agreement with the US. Talking to press on the Air Force One, Trump stated, “I noticed he’s attempting to pull out of the rare earth deal.” If Zelensky does so, “he’ll be facing major issues, very serious problems,” the US president warned.