Russian President Vladimir Putin has said that Moscow is willing to consider cooperating with the U.S. in mining rare earth minerals both in Russia and parts of Russian-occupied Ukraine.

Putin, in an interview broadcast on Russian state television Monday, emphasized Russia’s vast deposits of rare-earth minerals and their importance for the Russian economy but said his nation needs to do more to capitalize on its resources. He also said he is open to making an energy deal with the U.S.

His comments come as the Trump administration seeks to recoup the cost of aid sent to Ukraine by gaining access to Ukraine’s rare earth minerals, such as titanium, iron, and uranium, as part of a peace deal.

“Russia is one of the undisputed leaders in terms of reserves of these rare and rare-earth metals,” Putin told state media correspondent Pavel Zarubin. “These are quite capital-intensive investments, capital-intensive projects. We would be happy to work together with any foreign partners, including American ones.”

Russian President Vladimir Putin has said that Moscow is willing to consider cooperating with the U.S. in mining rare earth minerals both in Russia and parts of Russian-occupied Ukraine. (Contributor/Rebecca Noble/Getty Images)

“In fact, he may come in this week or next week to sign the agreement, which would be nice, I’d love to meet him. Would meet at the Oval Office,” Trump said. “The agreement is being worked on now.” 

“They are very close to a final deal,” said the president, who was meeting French President Emmanuel Macron in the Oval Office on Monday. 

Trump said the deal is “very beneficial to their economy,” while Treasury Secretary Scott Bessent added it is “very close.” 

Trump’s comments come just after he posted on Truth Social that he was in “serious discussions” with Putin about ending the Russia-Ukraine war. 

Russian President Vladimir Putin said that Moscow and Washington could make a deal on mining rare earth minerals both in Russia and parts of Russian-occupied Ukraine. (Russian Presidential Press Service via AP)

The president on Monday also predicted that the Russia-Ukraine war could end within weeks and that Putin would accept allowing European peacekeeping troops in Ukraine as part of a potential peace deal. 

Trump administration officials, including White House national security advisor Mike Waltz, Secretary of State Marco Rubio and Special Envoy to the Middle East Steve Witkoff, met in Riyadh, Saudi Arabia, recently with Russian Foreign Minister Sergey Lavrov and President Vladimir Putin’s foreign affairs advisor Yuri Ushakov to hash out ways to end the conflict. 

Ukraine was absent from the negotiations in Saudi Arabia, a move that irked Zelenskyy.