Putin proposes export ban on uranium, titanium, and nickel to counter Western sanctions
Russian President Vladimir Putin instructed the country's government to consider "specific restrictions" on the export of non-ferrous metals, particularly uranium, titanium, and nickel, according to Interfax. During a videoconference with government members, Putin told Prime Minister Mikhail Mishustin, "They limit the supply of certain goods to us, but maybe we should also think about certain restrictions—uranium, titanium, nickel."
"If this doesn't harm us, it might be worth considering—I'm not saying it has to be done tomorrow—but to think about certain restrictions on external market supplies, not only of these goods but possibly others as well," the president added.
The ongoing conflict in Ukraine and the need to reorient sales towards the Asian market have resulted in a significant revenue drop for "Norilsk Nickel." In the first half of the current year, its metal sales revenue fell by 22% to $5.6 billion, with the company now operating at just 80% of its pre-sanction income level, writes Interfax.
The world's largest titanium producer with a complete technological cycle, "VSMPO-Avisma," faced U.S. sanctions in the fall of 2023. Meanwhile, state-owned corporation "Rosatom" hasn't disclosed its 2023 uranium export volumes. However, in its annual report, it stated that Russia holds a 17% share of the global nuclear fuel market.