Russia could shut off the flow of strategically important resources to countries it deems unfriendly, according to Deputy Prime Minister Aleksandr Novak, as the government contemplates countermeasures to Western sanctions.
The ban could include a “large list of products that are in high demand on global markets,” Novak told reporters on the sidelines of Russian Energy Week on Thursday.
While the minister did not specify the exact products, it is widely expected that a list would include so-called transition metals, in particular uranium, nickel, and titanium.
According to the deputy PM, the Russian government is analyzing the feasibility of the restrictions to ensure domestic industries would not be hit by limiting the supply and will continue to develop.
“There is a specific analysis of the situation on world markets and Russia’s opportunities. Relevant proposals will be prepared in the near future,” Novak stated.
The possibility was first voiced by Russian President Vladimir Putin earlier this month.
Putin asked the government to look into the benefits and downsides of capping exports of some strategically important commodities in response to Western sanctions. He noted that while Russia is currently “limited in the supply of a number of goods,” it still exports many products to the world market, effectively allowing both friends and foes to stockpile them.
“Maybe we should also think about certain restrictions,” the president said, suggesting that the measure could involve exports of uranium, titanium, and nickel.
Russia’s share of the enriched uranium market is estimated to be around 40%. The fuel is critical for both civil nuclear power generation and military nuclear weapons. While the US formally banned imports of Russian uranium earlier this year, it introduced a waiver allowing purchases due to supply concerns until 2028.
Russia is among the ten largest producers of nickel, a key component in clean energy generation, according to the UK-based Mining Technology portal.
The country is also the world’s third largest producer of titanium, which is vital to the aerospace industry. Despite some debate, the West has so far been reluctant to sanction Russian titanium, as both the EU and US continue to heavily rely on the country for their supplies.
According to an earlier report by the Washington Post, both American and European companies have bought hundreds of millions of dollars of titanium since to beginning of the Ukraine conflict in 2022.