The Russian president has emphasized Moscow's strategic approach to economic cooperation with Washington

Russia and the US are in talks on "major" joint economic projects, Russian President Vladimir Putin said on Monday. The two countries recently took steps to reestablish dialogue after years of deteriorating relations.

The Russian leader's comments come two weeks after he held a phone conversation with his US counterpart, Donald Trump. The US president has made a sharp turn from the policies towards Moscow pursued by his predecessor, Joe Biden.

"Some Russian and American companies are in contact and discussing major projects," Putin said in an interview with Russia 1 TV journalist Pavel Zarubin.

The Russian leader added that Moscow would be ready to cooperate with US private companies and government entities to develop Russia's rare-earth sector. Putin highlighted its critical importance in various industries, adding that Russia's large resources make it a global leader in the field.

Earlier in the day, Trump teased major "economic development transactions which will take place between the US and Russia," writing in a post on his Truth Social platform that talks between the two nations are "proceeding very well."

After years of largely nonexistent interaction, contacts between the two nations have intensified since Trump's inauguration on January 20. A phone call between Trump and Putin on February 12 was followed by a high-level Russia-US meeting in the Saudi capital of Riyadh last week. Putin characterized the discussions as "a first step" towards normalization of ties, a sentiment later echoed by Trump.

While neither head of state attended the talks, the first in three years, they were conducted by high-level officials, including Russian Foreign Minister Sergey Lavrov and US Secretary of State Marco Rubio. Neither Ukrainian nor EU diplomats were invited to the meeting.

The talks have sparked outrage among some EU members, which have accused the White House of reopening dialogue with the Kremlin without prior consultation and of sidelining the bloc's officials from the negotiations.