<p>The energy transition relies heavily on metallic mineral resources, such as rare earth elements (REEs), due to their role in clean energy production. However, the trade of REEs is hindered by inadequate country-specific governance mechanisms that fail to address geopolitical tensions and geo-economic fragmentation. This study examines the response of Russian and Chinese REEs exports to US energy transition goals, considering exporters’ governance as well as Russia–Ukraine geopolitical risks and US–China tensions. Our analysis covers a monthly dataset from January 1996 to December 2023 for China and from January 1996 to December 2021 for Russia. Applying the partial cross-quantilogram and wavelet local multiple correlation techniques, we find a positive dependency between the REEs export flows of these countries (Russia and China) and the US clean energy transition across bull markets. REEs’ price volatility significantly reduces the mineral export volumes. While China’s governance exhibits a robust governance framework, Russian governance shows ineffectiveness in controlling geopolitical tensions related to the exportation of REEs volumes. Therefore, we suggest developing a robust governance framework to implement effective tension mitigation policies for the expansion of REEs trade and the fulfillment of global energy transition goals.</p>