It's very likely since Ragnir is based off Mjolnir (which is why it's named that, it's RAGnarok + MjolNIR) which is Thor's hammer, and Thor can both generate lightning with the hammer (which Loki has done) and fly with it (which Loki has done).
More likely than not, Ragnir is a copy of Mjolnir in terms of it's abilities. I suspect this is also why they chained his hammer with him, maybe if it goes too far from him it flies back to him anyway or it's just not possible to be picked up by 99% of people. Would make no sense otherwise since we know they typically take weapons away from prisoners as we've seen with Zoro in his introduction chapters, Shiryu, and Nami in WCI iirc