Deputy FM claims Russia contemplating titanium, uranium shipments caps
Date
9/18/2024 8:13:54 AM
(MENAFN) In a significant shift in its trade policy, Russia is contemplating the imposition of export restrictions on key raw materials, including titanium and uranium. Deputy Foreign Minister Sergey Ryabkov announced this potential move on Saturday, revealing that the government is currently evaluating the advantages and disadvantages of such a decision.
The discussion around these export caps was initially raised by President Vladimir Putin earlier in the week during a government meeting. Putin urged officials to explore the implications of limiting exports of strategically important commodities in light of ongoing Western sanctions. He pointed out that while Russia faces restrictions on several goods, it continues to supply various products to the global market, enabling both allies and adversaries to stockpile essential materials.
During the meeting, Putin highlighted the need for consideration of restrictions on commodities like uranium, titanium, and nickel, stating, “Maybe we should also think about certain restrictions.” This approach aims to leverage Russia's position in the global market while responding to the pressures imposed by international sanctions.
Ryabkov, addressing the media, emphasized that Moscow is not dismissing the possibility of implementing these restrictions. He noted, “Economic countermeasures to sanctions pressure can be very different,” and reaffirmed the importance of carefully weighing the consequences of any actions taken. Ryabkov echoed Putin's sentiment that export restrictions should not adversely affect the Russian economy.
The deputy minister's comments indicate that Russia is poised to explore a range of economic retaliatory measures in response to the sanctions imposed by Western nations. He stated, “We will see how things go further, but we cannot rule out any tough retaliatory measures,” underscoring the seriousness with which the Russian government is approaching this issue.
As global markets remain sensitive to shifts in supply, any potential export caps from Russia on critical materials like titanium and uranium could have significant repercussions for various industries worldwide, particularly in sectors reliant on these resources for production. This developing situation reflects Russia's strategic maneuvering in response to external pressures, and the coming weeks may reveal more about the country's intentions regarding its trade policies.
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