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Increase in US domestic uranium production by end of 2024?
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Biden Signs Bipartisan Bill Banning Russian Uranium Imports in 90 Days
May 14, 2024, 03:29 AM
President Joe Biden signed legislation banning the import of Russian enriched uranium into the United States. This bipartisan bill, known as the 'Prohibiting Russian Uranium Imports Act,' aims to cut off one of the last significant flows of money from the U.S. to Russia amid the ongoing war in Ukraine. The ban will take effect 90 days after the law's enactment, with waivers allowing reactor operators to continue importing until 2028 if they lack viable alternative suppliers. American companies have been paying around $1 billion annually for enriched uranium from Russia’s state nuclear power conglomerate, Rosatom. The legislation also unlocks $2.72 billion to boost the U.S. domestic uranium industry, aiming to strengthen U.S. energy and economic security and reduce dependence on Russia for civilian nuclear energy. Sen. John Barrasso stated, 'Putin's war machine has now lost one of its cash cows.'
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