Extracting these metals stipulates hefty financial investments and appropriate technologies, something that Russia possesses, Krasnozhenov pointed out.

He suggested that joint ventures or projects in Australia and Canada will most likely be created, which will envisage deliveries of the rare earth metals to the US.

“Russia will be able to fully provide itself with these metals by annually producing 7,500 tons,” the expert underlined.

He recalled that Russia’s reserves of rare earth metals amount to about 20-30 million tons, which is second in the world, while the US almost fully depends on rare earths imports from China, Malaysia and Japan.

“The US constantly has conflicts with China, which dominates the global market for rare earth metals and from time to time changes the terms of export, reducing or increasing export quotas. This is why the US may be interested in developing joint projects with Russia,” Krasnozhenov concluded.