ANKARA, March 4. /TASS/. The US may remove sanctions imposed on Russian banks if Washington secures a favorable rare earth metals deal with Moscow, said Bartu Soral, an acclaimed Turkish economist, who previously worked as a director at the United Nations Development Program.
"As of 2024, the largest industry in the world is the production of semiconductors and microchips with a market value of $8 trillion. China ranks first in this sector, dominating the market of strategic minerals, including rare earths. The US is falling behind in this competition. We now see that the United States seeks to cooperate with Russia in this area," Soral told TASS.
"The [possible] agreements between Russia and the United States in the Ukrainian context include the production of rare earths. If an agreement between the two countries that benefits the Americans is reached at the current stage — and it likely will be — then exceptions will be made to the sanctions."
He also said that "Russia has the potential to give US President Donald Trump what he needs," and if the parties reach an agreement, "some or even all of the sanctions imposed on Russian banks [by the United States] may be lifted."
Reuters previously reported, citing sources, that the US administration was considering lifting anti-Russian sanctions, and the White House had asked the State Department and the Treasury to develop options for easing restrictions because Trump aims to restore relations with Moscow and end the Ukrainian conflict. According to sources, US sanctions might not be lifted immediately. Also, it is not clear what Washington could demand in return.
The United States has been actively imposing sanctions on Russia since 2014, when the people of Crimea and Sevastopol decided to reunite with Russia after referendums. In 2017, the law "Countering America's Adversaries Through Sanctions" was passed, which introduced restrictions on the Russian defense and energy sectors while also making it difficult to invest in projects with Russian participation. Sanctions have only intensified over the years - by 2022, sanction lists had been expanded 28 times. After the start of the special military operation in Ukraine, US sanctions targeted the largest state-owned companies, key banks, and the entire Russian leadership - including the executive, legislative, and judicial branches of government. In total, about 80 sanction packages were introduced, affecting not only the national economy and government agencies but also public and cultural figures, as well as the media.