Severe disruptions to global markets caused by Russia’s war on Ukraine have exposed vulnerabilities to the security of the supply of raw materials critical for industrial production and for the green transition. These supply chain vulnerabilities are the result of export restrictions, bilateral dependencies, a lack of transparency and persistent market asymmetries, including the concentration of production in just a few countries. A collective and co-ordinated approach among OECD countries can contribute to economic security, while preserving the benefits of open markets and a rules-based international trading system.