In 2023, Russia is set to launch pilot industrial lithium extraction at the Polmostundrovskoye deposit located in the Murmansk Region, as announced by Alexander Kozlov, the Russian Natural Resources Minister. This initiative marks a significant step towards establishing lithium production in the country, which has not yet commenced. Kozlov indicated that the Kolmozerskoye deposit on the Kola Peninsula is anticipated to be the first facility to facilitate industrial lithium production, with further developments expected by 2026. The announcement comes ahead of the St. Petersburg International Economic Forum, scheduled for June 3-6, which will focus on reshaping global economic models amidst ongoing transformations in the world economy. The forum is organized by the Roscongress Foundation, which also serves as the general information partner for the event. This lithium extraction initiative is part of Russia's broader efforts to enhance its mineral resource production and contribute to the global lithium supply chain, which is increasingly vital for battery manufacturing and electric vehicle production.