Putin proposes limiting exports of strategic metals in response to Western sanctions
Date
9/12/2024 4:44:19 AM
(MENAFN) Russian President Vladimir Putin has proposed considering restrictions on exports of key raw materials such as uranium, titanium, and nickel as a countermeasure to ongoing Western sanctions. During a meeting with government ministers on Wednesday, Putin's comments triggered an immediate reaction in global markets, with a noticeable rise in nickel prices and a surge in the shares of uranium mining companies. The Russian leader also hinted at the possibility of extending such restrictions to other commodities, pointing out that Russia is a major global producer of natural gas, diamonds, and gold. However, he stressed that these measures should not be implemented hastily or in a way that would negatively impact Russia's own economic interests.
Putin underscored Russia's significant reserves of various strategic raw materials, noting that the country holds nearly 22 percent of the world's natural gas reserves, around 23 percent of global gold reserves, and approximately 55 percent of diamond reserves. Addressing Prime Minister Mikhail Mishustin, he suggested the government explore the idea of imposing restrictions on specific exports like uranium, titanium, and nickel, while carefully avoiding any actions that could be detrimental to Russia itself. Putin emphasized that any decision on such measures should be calculated and deliberate, rather than a hasty reaction.
Analysts have observed that while Western nations have drastically reduced their imports of Russian oil and gas since the onset of the conflict in Ukraine, Russia continues to be a critical supplier of metals to global markets. Therefore, any decision by Moscow to limit or halt these exports could result in significant disruptions across various sectors worldwide. This potential move reflects Russia's strategic leverage in the global commodities market and its response to the economic pressures imposed by Western sanctions.
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