Putin suggests Russia may limit exports of strategic raw materials
Moscow may restrict the availability of nickel, titanium, and uranium in the global market, according to a warning from Vladimir Putin. Read Full Article at RT.com
TroibNews 
Russia may impose restrictions on the supply of strategically vital raw materials to the global market, according to President Vladimir Putin's statements on Wednesday. He indicated that exports of nuclear fuel, metals, and minerals could be impacted.
Putin described this initiative as a reaction to Western efforts to limit Russia’s access to certain foreign-made products. While sanctions related to Ukraine have constrained Russia's access to other markets and its ability to purchase international goods, there are warnings from the West about potential secondary sanctions that could also deny Russia access to dual-use items, which serve both civilian and military purposes.
During a government meeting on Wednesday, Putin noted that despite Western sanctions, Russia still manages to provide a variety of goods to the global market “in large quantities,” with some buyers even stockpiling Russian products.
“Russia is a leader in terms of reserves of a number of strategic types of raw materials... Yet we are limited in the supply of a number of goods – maybe we should also think about certain restrictions,” the president remarked. He indicated that the proposed limitations might encompass the country’s exports of uranium, titanium, and nickel, alongside “certain other goods.”
“There is no need to do anything to harm ourselves… I am not saying that we need to do this tomorrow. But, in general, if this will not harm us, we could think about certain restrictions on supplies to foreign markets,” said Putin, emphasizing the far-reaching implications of such a decision given the “importance of Russian raw materials.”
Russia is estimated to hold about 40% of the enriched uranium market, which is crucial for both civilian nuclear power and military nuclear armaments. The country also stands as the world’s largest producer of titanium, essential for the aerospace sector. Additionally, it ranks among the top ten producers of nickel, an important element in clean energy technologies, according to the UK-based Mining Technology portal.
While the US has already banned imports of Russian nickel, it has provided a waiver for Russian uranium purchases, due to supply concerns, extending until 2028.
Neither the US nor the EU has imposed sanctions on Russian titanium to date. As previously reported by the Washington Post, both American and European companies continue to rely heavily on Russian supplies. The US has so far limited its measures against the metal or export controls on VSMPO-Avisma, Russia’s major titanium producer. Existing restrictions prevent American exports to the company while allowing its titanium products to enter the US market.
For more stories on economy and finance, visit RT's business section.
Anna Muller contributed to this report for TROIB News
Putin described this initiative as a reaction to Western efforts to limit Russia’s access to certain foreign-made products. While sanctions related to Ukraine have constrained Russia's access to other markets and its ability to purchase international goods, there are warnings from the West about potential secondary sanctions that could also deny Russia access to dual-use items, which serve both civilian and military purposes.
During a government meeting on Wednesday, Putin noted that despite Western sanctions, Russia still manages to provide a variety of goods to the global market “in large quantities,” with some buyers even stockpiling Russian products.
“Russia is a leader in terms of reserves of a number of strategic types of raw materials... Yet we are limited in the supply of a number of goods – maybe we should also think about certain restrictions,” the president remarked. He indicated that the proposed limitations might encompass the country’s exports of uranium, titanium, and nickel, alongside “certain other goods.”
“There is no need to do anything to harm ourselves… I am not saying that we need to do this tomorrow. But, in general, if this will not harm us, we could think about certain restrictions on supplies to foreign markets,” said Putin, emphasizing the far-reaching implications of such a decision given the “importance of Russian raw materials.”
Russia is estimated to hold about 40% of the enriched uranium market, which is crucial for both civilian nuclear power and military nuclear armaments. The country also stands as the world’s largest producer of titanium, essential for the aerospace sector. Additionally, it ranks among the top ten producers of nickel, an important element in clean energy technologies, according to the UK-based Mining Technology portal.
While the US has already banned imports of Russian nickel, it has provided a waiver for Russian uranium purchases, due to supply concerns, extending until 2028.
Neither the US nor the EU has imposed sanctions on Russian titanium to date. As previously reported by the Washington Post, both American and European companies continue to rely heavily on Russian supplies. The US has so far limited its measures against the metal or export controls on VSMPO-Avisma, Russia’s major titanium producer. Existing restrictions prevent American exports to the company while allowing its titanium products to enter the US market.
For more stories on economy and finance, visit RT's business section.
Anna Muller contributed to this report for TROIB News
