Official announcements from the Russian government or verified news sources

Putin Proposes Limiting Uranium, Titanium, and Nickel Exports in Retaliation for Western Sanctions

Sep 11, 2024, 06:45 PM

Russian President Vladimir Putin has proposed that Russia consider limiting the export of strategic commodities such as uranium, titanium, and nickel. This suggestion comes as a potential retaliation against Western sanctions imposed on Russia. Putin's remarks were made during a meeting with government officials, including Prime Minister Mikhail Mishustin, on Wednesday, where he emphasized the need to evaluate whether such restrictions would be beneficial for Russia. The potential export limits could significantly impact global markets, particularly the U.S. aircraft and nuclear power industries, which rely heavily on Russian titanium and uranium. Russia has sufficient reserves of 10 out of 13 scarce types of raw materials that are currently purchased abroad. The announcement has already prompted a rise in nickel prices.