ST. PETERSBURG, June 4. /TASS/. Russia ranks seventh in the world in terms of rare earth metal reserves, while the country’s raw materials base is capable of meeting any level of demand both from domestic consumers and for export supplies to global markets, Russian Natural Resources Minister Alexander Kozlov said at the St. Petersburg International Economic Forum (SPIEF-2026).

"Russia possesses one of the world’s largest rare earth raw materials bases, ranking seventh globally in terms of reserves," he said. Russia’s reserves amount to 28.4 mln tons.

According to Kozlov, simple arithmetic can show whether this is a large or small amount, as reserve sufficiency is calculated in this way. Annual production in Russia stands at 2,200 tons, domestic consumption totals 1,100 tons, while global consumption amounts to 226,000 tons.

"In other words, the domestic raw materials base is capable of meeting any level of demand, both from Russian consumers and for export supplies to the global market," he concluded.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.