Putin Weighs Export Limits on Uranium, Titanium, and Nickel Amid Western Sanctions

Russian President Vladimir Putin suggested limiting exports of key metals like uranium, titanium, and nickel in response to Western sanctions. This proposal led to increased nickel prices and a rise in uranium mining shares. Putin emphasized that any restrictions should not harm Russia itself. The potential measures signal significant impacts on global metal markets.

Russian President Vladimir Putin announced on Wednesday that Moscow could consider restricting exports of crucial metals such as uranium, titanium, and nickel in retaliation for sanctions imposed by Western nations.

The statement triggered a surge in nickel prices and boosted shares of uranium mining companies. Putin, addressing government ministers in a televised meeting, pointed out Russia's significant role in producing natural gas, diamonds, and gold, suggesting that other commodities could also face future restrictions.

He clarified that any measures should avoid harming Russia's own interests. Analysts noted that while Western countries have reduced oil and gas imports from Russia, the nation remains a major metal supplier, and disruptions could significantly impact global markets. The attempt to limit supplies, particularly to the U.S., China, and Europe, highlights the geopolitical risks intertwined with resource dependence.

(With inputs from agencies.)