Putin Considers Metal Export Restrictions, Jolting Global Markets

Russian President Vladimir Putin suggested on Wednesday that Moscow might limit exports of uranium, titanium, and nickel as a countermeasure to Western sanctions. His comments led to a spike in nickel prices and boosted shares of uranium mining companies. However, he emphasized that such measures should not harm Russia.

Russian President Vladimir Putin announced on Wednesday that Moscow should explore limiting exports of key metals such as uranium, titanium, and nickel in response to Western sanctions.

Putin's statements during a government meeting triggered a rise in nickel prices and boosted shares in uranium mining companies. He suggested that similar restrictions could be applied to other commodities, noting Russia's significant production of natural gas, diamonds, and gold. However, he cautioned that any measures should not cause self-inflicted damage.

Analysts warn that Western countries' reduced purchases of Russian oil and gas amid the Ukraine conflict indicate that a cut in metal exports could create substantial market disruptions.

(With inputs from agencies.)