Putin Eyes Retaliatory Export Limits on Strategic Metals

Russian President Vladimir Putin suggested on Wednesday that Moscow should consider limiting exports of uranium, titanium, and nickel in response to Western sanctions. This comes after President Joe Biden signed a ban on enriched uranium imports from Russia, a trade worth around $1 billion annually.

Russian President Vladimir Putin proposed on Wednesday that Moscow should evaluate placing restrictions on the export of uranium, titanium, and nickel as a form of retaliation against Western sanctions.

Putin addressed Prime Minister Mikhail Mishustin during a televised government meeting, highlighting the need to consider constraints. 'Please take a look at some of the types of goods that we supply to the world market,' Putin remarked. 'Maybe we should think about certain restrictions - uranium, titanium, nickel.'

According to the World Nuclear Association, Russia is the world's fourth-largest uranium producer. The move follows U.S. President Joe Biden's enactment of a law banning enriched uranium imports from Russia, a market valued at approximately $1 billion annually. In 2023, Russia's primary uranium customers were the United States, China, South Korea, France, Kazakhstan, and Germany. Russia also plays a significant role in producing titanium sponge and refined nickel, essential materials for various industrial applications.

(With inputs from agencies.)