Putin calls on Russian government to study measures to restrict the export of strategic resources, causing a sharp rise in prices for nickel and uranium mining companies

According to a report by CCTV News, on September 11th local time, Russian President Putin stated at a government work meeting that he has requested the government to study measures to restrict the export of strategic resources, including uranium, titanium, and nickel, while ensuring its own interests.

Putin mentioned in his speech to government ministers that similar restrictions may also be imposed on other commodities. He pointed out that Russia is a major producer of natural gas, diamonds, and gold, with reserves of various strategic raw materials ranking among the top in the world. Natural gas accounts for nearly 22% of global reserves, gold nearly 23%, and diamonds nearly 55%. However, he emphasized that these measures do not need to be implemented "tomorrow" and should not harm Russia's own interests.

Putin's remarks led to a rise in nickel prices, with LME nickel futures closing up $371 or 2.4% at $16,112 per ton. Trade data shows that nearly 30% of Russia's nickel exports last year (29,172 tons) were shipped to the Netherlands and then re-exported to other European countries.

In addition, uranium mining company stocks also surged. In early trading on the US stock market, Canadian uranium mining company NexGen Energy rose over 6.4%, Cameco rose nearly 6.8% at one point, and Denison Mines rose over 6.7% at one point. Russia is the world's fourth-largest uranium producer, with approximately 44% of global uranium enrichment capacity.