Russia considers restricting exports of uranium and nickel, and the US stock market's uranium mining sector rises in response.

According to reports, Russian President Putin is considering restricting the export of uranium, titanium, and nickel in retaliation against Western sanctions. The news led to a surge in the uranium mining sector of the US stock market. Reportedly, Putin told government ministers at a meeting, "Russia is leading in many strategic raw material reserves." Due to Western sanctions limiting the export of some Russian goods, "perhaps we should consider restricting the export of uranium, titanium, and nickel." Putin added that these restrictions should not harm Russia. As of Wednesday's close, Cameco (CCJ.US), Uranium Royalty (UROY.US) rose over 6%, Denison Mines (DNN.US) rose nearly 7%, Ur-Energy Inc. (URG.US) rose over 7%, Energy Fuels (UUUU.US) rose over 8%, Encore Energy (EU.US), Centrus Energy (LEU.US) rose nearly 10%, Uranium Energy (UEC.US) rose over 12%. Global X Uranium ETF (URA.US) closed up over 5%. Since the outbreak of the Russia-Ukraine conflict in 2022, the US and EU have implemented various sanctions on the Russian economy, including sanctions on some metal and mining companies. However, many bulk commodities, including nickel, palladium, and uranium, have not been restricted and continue to be shipped to Western markets. After Putin's speech, three-month nickel futures on the London Metal Exchange rose 2.5% to an intraday high of $16,110 per ton.