Sanctions Intensify: US Senate Bans Import of Russian Uranium
The United States Senate has voted to pass a law that prohibits the import of enriched uranium from Russia. This decision follows a similar document approved in the House of Representatives last December, leaving only the signature of President Joe Biden pending for the law to take effect. The White House has already expressed support for efforts aimed at blocking fuel supplies from Russia, as reported by Bloomberg.
The law banning the import of Russian uranium, which received unanimous support in the Senate, entails a cessation of imports to the US within 90 days of the document coming into effect, with temporary exemptions possible until January 2028.
According to the US Department of Energy, Russia supplies nearly a quarter of enriched uranium used for fuel in 90 American commercial reactors, making it the primary foreign supplier of this material. This brings Moscow approximately one billion dollars annually, but replacing these supplies could be a challenging task and could lead to a 20% increase in the price of enriched uranium.
Other significant suppliers of enriched uranium to the US include Germany (12%), the United Kingdom (11%), and the Netherlands (9%). The largest share in the US market is domestic production of enriched uranium at 27%.
The Biden administration has called for a "long-term ban" on imports from Russia, which is seen as a necessary step to free up around 2.7 billion dollars for the development of the domestic uranium industry, funds allocated by Congress earlier this year, contingent on restrictions on uranium imports from Russia.
"This is a priority for national security, as dependence on Russian uranium poses a risk to the US economy and the civilian nuclear industry, which has faced even greater strain due to Russia's war in Ukraine," the White House previously stated.
Prior to this, Congress mandated the US to purchase domestic nuclear fuel to move away from Russian reliance. The US has also stated that dependence on Russian nuclear fuel poses a critical threat to national security and climate goals.