Russia is currently considering limiting the supply of certain raw materials, including titanium and uranium, to the global market in response to ongoing Western sanctions, according to Deputy Foreign Minister Sergey Ryabkov. This potential move was first proposed by Russian President Vladimir Putin earlier this week during a meeting with government officials.
Putin asked the government to investigate the benefits and drawbacks of placing caps on exports of some strategically important commodities amidst ongoing economic pressures from Western sanctions. He pointed out that Russia currently has limited supplies of several essential goods but still exports many products worldwide, thereby allowing both allies and adversaries to stockpile them.
Maybe we should also think about certain restrictions,” Putin suggested, mentioning potential limitations on the exports of uranium, titanium, and nickel. Speaking to reporters over the weekend, Ryabkov said that Moscow is not ruling out implementing such restrictions as it weighs the advantages and disadvantages of this move.
Ryabkov emphasized that Russia needs to carefully consider any economic countermeasures to sanctions pressure, noting that “we cannot act rashly here.” The deputy foreign minister also cautioned against imposing any export restrictions that could harm the Russian economy, reflecting Putin’s earlier warning on this matter.
We will see how things go further, but we cannot rule out any tough retaliatory measures,” the official added. He went on to say that the actions of the United States and its Western allies have taken on the characteristics of total economic aggression within the context of the ongoing hybrid war against Russia. As a result, Russia’s responses will also be top-notch in severity.
Russia is currently the world’s largest producer of titanium, which is vital to the aerospace industry. The country holds an estimated 40% share of the enriched uranium market and controls nearly half of the global enrichment capacity. Russia is also a major source of fuel for US civil nuclear power generation, supplying approximately a quarter of the uranium used in American reactors, according to Bloomberg.
While the US formally banned imports of Russian uranium earlier this year, it introduced a waiver allowing purchases due to supply concerns until 2028. Despite some debate, the West has been hesitant to sanction Russian titanium, as both the EU and US continue to heavily rely on the country for supplies.
In conclusion, Russia’s consideration of limiting certain raw materials such as titanium and uranium is a strategic response to ongoing Western sanctions. While this move could have significant implications for global markets, it also serves as a warning that Russia will not hesitate to take strong retaliatory measures if necessary. As the situation continues to unfold, it remains to be seen how these potential export restrictions may affect global industries and supply chains that rely heavily on Russian raw materials.