Russia Considers Limiting Uranium and Nickel Exports, Uranium Mining Stocks in the U.S. Soar

Reports that Russian President Vladimir Putin is considering restricting the export of uranium, titanium and nickel in retaliation for Western sanctions sent uranium mining stocks soaring in the U.S. shares. Putin reportedly told government ministers at a meeting that "Russia is ahead in many strategic raw materials reserves," and that "maybe we should consider restricting the export of uranium, titanium, nickel," adding that the restrictions should not hurt Russia. As of Wednesday's close, Cameco (CCJ.US), Uranium Royalty (UROY.US) rose over 6%, Denison (DNN.US) rose nearly 7%, Ur-Energy (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 U.S. and the EU have imposed various sanctions on the Russian economy, including sanctions on some metals and mining companies, but many commodities, including nickel, palladium and uranium, have not been restricted and continue to be shipped to Western markets. After Putin's speech, the three-month nickel futures on the London Metal Exchange rose 2.5% to a high of US$16,110 per tonne.