Putin: Russia should restrict exports of uranium and titanium
On Wednesday, Russian President Vladimir Putin stated that Moscow could consider limiting the exports of uranium and titanium in order to retaliate against the West.
In comments made to government ministers via televised broadcast, he stated that such restrictions could be implemented for other commodities. He noted that Russia is a major producer in natural gas, diamonds, and gold.
He said that the measures needed to be taken today, but not "tomorrow" and they must not harm Russia.
"Please look at the goods we provide to the global market... Perhaps we should consider certain restrictions, such as uranium or nickel," Putin said to Prime Minister Mikhail Mishustin.
He added, "We must not do anything that could harm us."
According to data from the World Nuclear Association, Russia is the fourth largest uranium manufacturer in the world. U.S. president Joe Biden signed into law an import ban on enriched Uranium from Russia. This trade is worth about $1 billion per year.
The U.S., China, South Korea, France and Kazakhstan were the top importers of Russian Uranium in 2023.
Russia has low mineral resources of titanium, but is the third largest producer in the world of titanium sponge, which is then turned into metal and used for applications in the aerospace, maritime, and auto industries.
Nornickel, a Russian mining company, is the largest refiner of nickel in the world.
The U.S. imposed sanctions last month on Nornickel and its subsidiaries, as well on the Bystrinsky Copper and Gold Project, which Nornickel owns. Reporting by Vladimir Soldatkin and Anastasia Lyrchikova, writing by Marktrevelyan, editing by David Gregorio
(source: Reuters)
