Bratislava, September 12 (FinanceFlashNews.com) – Russia is considering limiting the export of uranium, titanium, and nickel as a response to Western sanctions, President Vladimir Putin announced during a televised address. He indicated that such restrictions could also apply to other commodities but emphasized that these measures should not harm Russia itself.
Considering Retaliatory Measures
In his statement to the government, Putin noted that Russia is a major producer of natural gas, diamonds, and gold, but the focus of potential export restrictions is currently on uranium, titanium, and nickel. He urged Prime Minister Mikhail Mishustin to evaluate these measures carefully, adding that Russia must not harm itself by implementing them.
Importance of These Commodities
According to the World Nuclear Association, Russia is the world’s fourth-largest producer of uranium. The United States recently signed legislation banning the import of enriched uranium from Russia, a trade valued at around 1 billion USD annually. Major importers of Russian uranium include the U.S., China, South Korea, France, Kazakhstan, and Germany.
Russia is also the third-largest global producer of titanium, used in the aerospace, marine, and automotive industries. Additionally, Nornickel, Russia’s mining giant, is the world’s largest producer of refined nickel.
Keywords: Russia, sanctions, uranium, titanium, nickel, export restrictions, Vladimir Putin, U.S., Mikhail Mishustin
