– Despite the US ban, Russia continues to export uranium to Europe
– Pending ban on Russian uranium imports will increase US domestic processing capacity
– US prepared to end reliance on Russian uranium with support from allied countries like Canada, France, and Japan
Despite the US ban on Russian uranium imports, Russia continues to export uranium to Europe. The pending ban on Russian nuclear fuel imports is expected to increase US domestic uranium processing capacity. The Senate has passed legislation to ban Russian uranium imports, which will go into effect 90 days after enactment, with potential waivers for supply concerns. There are worries about Putin retaliating by freezing exports to the US, leading to a spike in uranium prices. The US supplied 24% of its uranium needs from Russia in 2022, making Russia the top foreign supplier. US officials are prepared to reduce reliance on Russian uranium and establish an “allied alternative” with countries like Canada, France, and Japan. The import ban would unlock $2.7 billion in funding for the US uranium industry. The US aims to invest in new conversion and enrichment capacity to develop the industry and replace Russian imports. With nuclear plant contracts planned years in advance, the US has time to construct new capacity to replace Russian imports.