US backs Russia instead of Europe for the first time in draft resolution by Ukraine – is this a shift in trade ties?

The United States' unprecedented support for Russia in blocking a draft resolution by Ukraine at the United Nations has sent shockwaves through the market as soon as the news surfaced today, February 25. For the first time in three years since Russia invaded Ukraine, the United States has come out in support of Russia.

The resolution called for "de-escalation, an early cessation of hostilities and a peaceful resolution of the war against Ukraine, marked by enormous destruction and human suffering, including among the civilian population, in line with the Charter of the United Nations and international law".

Backing Russia, United States President Donald Trump stated that "major economic development transactions with Russia" could take place, and just hours after the statement, Putin convened a meeting with his ministers and economic advisers to discuss the possible trade relation with the United States. The offer is already extended to the United States for an opportunity to explore and assess Russia's potential to supply aluminium and evaluate its rare earth metal deposits as part of a future economic agreement.

"We, by the way, 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," Putin said on state TV after the meeting.