Russia contributes only about one percent of global rare earth production despite possessing vast reserves. According to the Kremlin’s estimate, the country holds reserves of 15 rare earth metals totaling 28.5 million tons.
China currently dominates the market, producing about two-thirds of the world’s supply and accounting for almost half of the EU’s imports.
Although the EU has sought to diversify its sources, mining and processing rare earths is complex and costly, leaving the bloc heavily dependent on Beijing.
Antonia Zimmermann contributed to this report.