Russia is considering imposing restrictions on the export of certain raw materials such as uranium, titanium and nickel in response to the geopolitical situation and sanctions. The decision could significantly affect energy, but also many branches of industry and global prices of raw materials. Nickel is used for the production of alloys, such as stainless steel, as well as for batteries, otherwise key to technology and the increasingly popular electromobility. Uranium serves as fuel in nuclear reactors, while titanium, thanks to its strength and light weight, finds application in the aerospace industry, medicine, automotive industry, energy, chemical industry, as well as in military and sports products.
In the official reporting, it was pointed out that the country owns a significant share of global reserves of valuable resources such as natural gas – about 22 percent, gold – about 23 percent and diamonds – about 55 percent. On that occasion, the President of Russia proposed that the Government there examine the possibility of limiting the export of these raw materials to foreign markets, especially if this would not economically harm Russia, as reported World Nuclear News.
According to WNA data, in 2020, Russia had about 45 percent of global uranium enrichment capacity, which means that almost half of the world’s uranium enrichment industry, a key process in the preparation of fuel for nuclear reactors, comes from Russia. Uranium enrichment is a process that increases the concentration of the isotope uranium-235, which is needed for nuclear reactors.
It is not unknown that Siberia is one of the world’s most important regions in terms of raw materials, although many of its potentials have not yet been fully explored. Western Siberia is particularly important for the energy industry, with key oil and gas deposits, as well as an abundance of valuable metals such as nickel, copper, platinum and palladium in the region, which are of crucial importance to global industry. In addition to mineral wealth, the area is covered with extensive forests that provide timber, as well as large reserves of drinking water. Although it is already known for its resources, large parts of Siberia remain underexplored, which means that this region holds even greater potential for future generations.
At the same meeting, the Minister of Natural Resources and Environment there pointed out that Russia has explored only a small part of its vast territories and noted that Russia, together with countries such as South Africa and China, controls significant parts of the world’s production of minerals such as platinum, palladium, coal and vanadium, as also reported on World Nuclear News.
Energy portal
Source: energetskiportal.rs
