Russia, World's Largest Supplier, Temporarily Halts Enriched Uranium Exports to US; Uranium Prices Surge 8%

Nov 15, 2024, 03:46 PM

Russia has imposed temporary restrictions on the export of enriched uranium to the United States, the Russian government announced. The move comes after the US President signed H.R. 1042, the Prohibiting Russian Uranium Imports Act, into law on May 13, 2024, which prohibits the import of Russian uranium products into the United States as of August 12, 2024. Exceptions to Russia's restrictions will be supplies under one-time licenses issued by the Federal Service for Technical and Export Control. Russia is the world's largest supplier of enriched uranium, and the United States relies on Russian supplies for its nuclear power plants, which supply about 19% of US power. The United States lacks sufficient capacity to enrich its own uranium, and Russia has historically offered competitive prices. Uranium prices rose 8% after the news. The Russian government stated that the limitations are temporary.