The US President Joe Biden recently signed a law that prohibits the import of Russian uranium. This law was previously adopted by the US Congress and will take effect 90 days after signing. It will remain valid until 2040. However, until January 2028, the US Department of Energy has the authority to issue permits for the import of non-irradiated, low-enriched uranium from Russia or a Russian facility if there are no other sources available.
This decision was praised by National Security Adviser Jake Sullivan as a historic one that will boost US energy and economic security and reduce dependency on Russia in the civil nuclear energy sector. American companies have been paying Russia approximately $1 billion annually for enriched uranium, which is the primary fuel for commercial nuclear reactors. Russia is the main supplier of uranium to the US, with Rosatom providing about 20% of the enriched uranium used in 93 US nuclear reactors.
In 2023, Russia earned $1.2 billion from the sale of uranium to the US, marking a 43% increase from the previous year. Global uranium prices have surged by 70% in the past year. This new law aims to decrease reliance on Russian uranium and enhance the US energy and economic stability in the long run.
The decision to ban Russian uranium imports marks a significant step towards reducing dependence on foreign sources of energy and promoting self-sufficiency in this critical sector. It also sends a strong message to Russia that its actions have consequences and that it cannot take advantage of its position as a dominant supplier in order to manipulate global markets.
In addition to bolstering national security interests, this law also has economic benefits for American companies that produce their own enriched uranium or rely on alternative sources for their fuel needs. By reducing reliance on Russian imports, these companies can focus on developing more sustainable and secure sources for their fuel supplies.
Overall, this new law represents an important victory for American energy and economic security and sets an example for other countries looking to reduce their dependence on foreign sources of energy supply
