Russian officials and managers baffled by President Vladimir Putin's unexpected threat to limit exports of strategic goods in response to Western sanctions. They fear that such a measure could do more harm to the Russian economy than to the West.
Putin's threat came after a routine government meeting, where he asked Prime Minister Mikhail Mishustin for proposals for similar measures that would not harm Russia, reports Reuters.
However, many of Russia's strategic commodities such as oil, gas, nickel, titanium and gold are already subject to restrictions or sanctions. Executives of the affected companies and government sources were caught off guard, with one describing the proposal as "shooting yourself in the foot."
Of particular concern is the possibility of restrictions on the export of uranium, nickel and titanium, which would affect large Russian companies such as Rosatom, Nornickel. and Rostec, which are already suffering from the sanctions and reporting a drop in profits. Uranium export restrictions could severely affect the US, which relies on Russian supplies for its commercial nuclear reactors, although Washington has plans to expand its own enrichment facilities by 2027.
At the same time, the Kremlin emphasizes that the measure has not been adopted and will be discussed in order not to harm Russian interests.