Russia is slowly bowing out of the BRICS agenda of cutting ties with the US and the dollar for trade and transactions. In a historic deal, Russian President Vladimir Putin has proposed to supply 2 million tons of aluminum to the US markets. The move could stabilize prices in the commodity metals sector and smoothen out price fluctuations and market volatility.

Also Read: De-Dollarization: Economist Predicts the Future of the US Dollar

In addition, BRICS member Russia also outlined potential deals with the US in supplying rare earth resources. Russia has the world’s fifth-largest rare earth metals reserves that the US could use for industry and military production and benefit immensely.

The prospective economic deal covers aluminum and rare earth materials from BRICS member Russia to the US. President Donald Trump had earlier hinted that “major economic development transactions with Russia” could soon take place.

Also Read: Not 100%, BRICS To Face 150% Tariffs If They Ditch the US Dollar

The rare earth materials are mostly used for magnet production that turns power into motion for electric vehicles (EV). It also covers the production of cell phones and other military equipment. If the deal goes through with the US, this will be a complete U-turn of policies from BRICS member Russia.

“We would be ready to offer (joint projects with) our American partners. And when I say ‘partners,’ I mean not only administrative and governmental structures but also companies, if they showed interest in joint work,” said Putin and added, “We undoubtedly have, I want to emphasize, significantly more resources of this kind than Ukraine.”

Also Read: Brazil Plans To Reject BRICS Currency

BRICS Countries Take U-Turn With the US

After Trump took over the White House in January, BRICS countries are backtracking from teaching the US a lesson. India recently rejected the idea of launching a BRICS currency and embraced the US dollar for trade. Brazil is also considering nixing the idea of a common currency in the upcoming summit in July. Also, China is urging the US to not weaponize trade with tariffs. BRICS member Russia, which was a staunch supporter of de-dollarization, is now seeking business deals with the US.