According to Putin, Russia has "far more" of these elements than Ukraine.
"Russia is one of the undisputed leaders in the reserves of rare and rare-earth metals. We have them in the north, in Murmansk, in the Caucasus, in Kabardino-Balkaria, in the Far East, in the Irkutsk region, in Yakutia, and in Tuva. These are fairly capital-intensive investments and projects. We would gladly work together with any foreign partners, including American ones. By the way, regarding the 'new [territories occupied by Russia in Ukraine]' – the same applies," Putin stated.
On the same day, he held a video conference meeting on the development of rare-earth metals. According to Putin, they are in demand in microelectronics, energy, the creation of digital economy infrastructure, and other sectors of civil and defense industries. He referred to this as a "new technological paradigm that dictates the dynamics of global progress," which "needs to be met."
On that same day, U.S. President Donald Trump, during a joint press conference with French leader Emmanuel Macron at the White House, stated that he is trying to reach an agreement with Russia on economic development, including in the area of rare-earth mineral extraction.
"I don’t know if it will work out, but we would like to have that opportunity. You know they have huge rare earths. It is the largest land by such area, and they have many valuable resources that we could use, and we have things they could use. I think it would be good for peace around the world," he said.