The Russian president has instructed the head of the government to consider the possibility of limiting the export of certain types of raw materials, such as uranium, titanium and nickel, in response to Western sanctions.
"Russia is the leader in reserves of a number of strategic raw materials: for natural gas, this is almost 22% of the world's reserves, for gold - almost 23%, for diamonds - almost 55%," the head of state said.
"They are limiting the supply of a number of goods to us, maybe we should also think about certain restrictions?" he told the prime minister.
According to the president, such minerals as uranium, titanium and nickel are considered strategic, and many countries are creating strategic reserves of these raw materials. He urged the government to consider the fundamental possibility of reducing exports of strategic minerals if this action doesn’t harm the Russian economy.
A number of Western countries, including the United States and other G7 nations, have imposed broad sanctions on products of Russian origin. However, a number of these commodities, such as uranium and nickel, are still supplied to world markets, as Russia is one of the largest producers.
Theodor Lisovoy, Managing Editor, Rough&Polished
