Due to sanctions, Russia faced a deficit of lithium, which was imported into the country. However, the domestic reserves of lithium are so large that Russia can enter the top 5 producers of this metal within the next 10 years by developing its own deposits.
By developing existing deposits, Russia can enter the top-5 largest producers [of lithium] in the next decade, trailing only Chile, Argentina, China, and Australia. In the future, extraction volumes can grow even stronger if the lithium extraction technologies developed in Russia from solutions prove to be effective.
Experts believe that Russia has reserves of lithium ore of about 10% of the world's total. However, the country has been completely dependent on lithium imports since 1997, when the mine in Krasnoyarsk region was closed. Experts explained that starting last year, Russia faced difficulties in import purchases when Argentina and Chile refused to supply lithium.
Also, experts noted that the cost of lithium in the world is steadily decreasing: if in December 2022, lithium hydroxide costed 85 thousand dollars per ton, now the price has dropped below 35 thousand dollars per ton. But even if the price drops to 20 thousand dollars per ton, lithium projects in Russia will be profitable.