The potential "reset" will focus on Moscow's frozen assets and restrictions on American companies, the secretary of state has said

The US and Russia could restore economic ties once the Ukraine conflict is resolved, US Secretary of State Marco Rubio has suggested.

Speaking in an interview with Breitbart on Tuesday, Rubio noted that Moscow and Washington could discuss the economic and business domain, but only after they have ensured the smooth operations of each other's diplomatic missions and have resolved the Ukraine crisis.

"We have to invite them and see, okay, if you guys are serious about ending this thing, let's sit down and talk about it," Rubio said. "I think step three is, if we can end this conflict, what does US-Russian relations look like in the 21st century? Are there things we can work on together geopolitically or maybe even economically?"

According to Rubio, Russia and the US have "opportunities to work together" to achieve a "reset" in relations which will "entail talking about not just Russian assets that have been seized by America, by the Europeans... but also American companies that have been hurt."

He cautioned, however, that such negotiations remain distant. "We're not at that step yet... We can't even really talk about those things or fix those things until we bring this war at least to some sort of enduring ceasefire - hopefully permanent."

Russian President Vladimir Putin signed a decree in 2023 allowing for the temporary takeover of assets belonging to Russia-based foreign companies from "unfriendly" countries, with several Western companies affected. In October 2024, Russia temporarily nationalized the assets of Glavproduct, a major US-owned food producer.

However, while US-Russian relations sank to historic lows under the administration of US President Joe Biden, his successor Donald Trump has signaled interest in restoring ties. Earlier this month, the two sides held high-profile talks in Saudi Arabia that focused on paving the way for resolving the Ukraine conflict and restoring bilateral ties.

Trump has since indicated that Washington might explore joint ventures in Russia's mineral sector and suggested that sanctions on Moscow could be lifted "at some point" as part of the broader Ukraine conflict settlement process.

Putin said on Monday that Russia and the US are in talks about "major" joint economic projects, adding that Moscow is open to cooperating with American private companies and government agencies to develop its rare-earth industry.