Published: September 14, 2024 4:11 pm
Author: RT
President Putin earlier ordered the government to look into restrictions that Moscow could impose in response to Western sanctions
Russia could limit the supply of certain raw materials, such as titanium and uranium, to the global market, Deputy Foreign Minister Sergey Ryabkov said on Saturday. According to the senior official, Moscow is currently “weighing the pros and cons” of the move.
The possibility was first voiced by Russian President Vladimir Putin earlier in the week. At a meeting on Wednesday, 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.
Speaking to reporters on Saturday, Ryabkov said Moscow “does not rule out” implementing these restrictions.
READ MORE: Putin suggests limiting uranium exports
“Economic countermeasures to sanctions pressure can be very different… We are weighing the pros and cons, weighing the consequences of this move, as we cannot act rashly here,” he said, echoing Putin’s warning that any export restrictions should not harm the Russian economy.
“We will see how things go further, but we cannot rule out any tough retaliatory measures,” the official added.
The actions of the US and its Western – and not only Western – allies have acquired the scope of total economic aggression within the framework of the hybrid war they are waging against Russia. Accordingly, the severity of our responses will also be top-notch.
Russia is the world’s largest producer of titanium, which is critical to the aerospace industry. Russia’s share of the enriched uranium market is estimated to be around 40%, and the country controls nearly half of the global enrichment capacity. It is also a top source of fuel for US civil nuclear power generation, supplying about a quarter of the uranium used in American reactors, according to Bloomberg.
READ MORE: India eyeing $1.2bn nuclear deal with Russia – report
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 debates, 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 supplies.
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