Biden signs Russian uranium ban, but about a quarter of U.S. imports come from Russia

US President Joe Biden signed a bill banning the import of Russian enriched uranium on Monday (13th).

US President Joe Biden signed a bill banning the import of Russian enriched uranium on Monday (13th).
Biden\’s signature also frees up about $2.7 billion in spending previously approved by Congress to increase domestic supplies of uranium for U.S. nuclear power plants, the use of which is contingent on federal restrictions on Russian uranium imports.
The move comes as Russia\’s invasion of Ukraine enters its third year But the ban comes with risks.
Russia is the largest source of uranium fuel for the United States, according to the U.S. Department of Energy. About a quarter of the uranium used in U.S. reactors comes from Russia.
Russia earns about $1 billion a year from the sale of these supplies.
Jonathan Hinze, president of nuclear fuel market research firm UxC, said cutting off that supply could increase uranium prices by 20 percent.
A ban on imported nuclear power plant fuel comes into effect in about 90 days but the legislation allows the Energy Department to issue exemptions allowing imports of Russian enriched uranium until 2028 if an alternative source is not found or imports are determined to be in the national interest.
Russia is also likely to retaliate.
Russian state-owned uranium supplier Tenex warned U.S. customers in December that the Kremlin could preemptively ban nuclear fuel exports to the U.S. if lawmakers implemented a ban.
Fletcher T. Newton, president of Tenex-USA, Inc., said the company \”fully intends to meet all of its contractual commitments in the United States.\”
But he said Tenex had no control over any actions the Kremlin might take.
U.S. national security adviser Jake Sullivan said the law \”achieves the multilateral goals we have set out with our allies and partners,\” including a $4.2 billion investment in December with Canada, France, Japan and the United Kingdom to expand uranium The promise of concentrating and transforming power.

Like (0)
Previous May 14, 2024 9:41 am
Next May 14, 2024 9:41 am

Related posts