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on september 12, bloomberg reported that russian president vladimir putin said the government may restrict exports of commodities such as nickel, titanium and uranium in retaliation for western sanctions. this move may affect the supply of raw materials to other parts of the world.

"russia is a leader in reserves of strategic raw materials such as uranium, titanium and nickel," putin told a government meeting, adding that as western sanctions restrict exports of russian goods such as diamonds, "perhaps we should also consider restrictive measures."

"i'm not saying that we have to do this tomorrow, but we can consider certain restrictions on supplies to foreign markets, not only the goods i mentioned, but also some other goods," putin said.

since the outbreak of the russian-ukrainian conflict in 2022, the united states and the european union have imposed a number of sanctions on the russian economy, including sanctions on some metals and mining companies. despite this, many commodities, including palladium, have not been subject to major restrictions and continue to be shipped to western markets.

the london metal exchange (lme) banned new russian nickel and aluminium production in april, but russia sells most of its output to end users.

the washington post reported earlier that american and european companies remain heavily dependent on russian supplies. so far, the united states has limited its measures to titanium alloys, imposing export controls on vsmpo-avisma, a major russian titanium producer. the restrictions prohibit u.s. exports to the russian company but allow its titanium to enter the united states.