President Joe Biden signed a law on Monday prohibiting the import of Russian enriched uranium as long as the US market is not low on supplies, the White House said in a statement, as Washington tightens sanctions on Russia.

The prohibition is scheduled to come into force in about three months. However, the Department of Energy has the authority to grant waivers in case of supply-related apprehensions.

Russia is the primary global provider of enriched uranium, providing US nuclear power plants with approximately 24% of their needs.

Additionally, the legislation enables the allocation of around $2.7 billion from prior laws to bolster the development of the US uranium fuel sector.

"Today, President Biden signed into law a historic series of actions that will strengthen our nation's energy and economic security by reducing, and ultimately eliminating, our reliance on Russia for civilian nuclear power," Jake Sullivan, the national security adviser, said in a statement.

He added that the law "delivers on multilateral goals we have set with our allies and partners." This includes a commitment made in December alongside Canada, France, Japan, and Britain, which involves a joint investment of $4.2 billion aimed at enhancing the capacity for uranium enrichment and conversion.

If enacted by the Department of Energy, the waivers would permit all Russian uranium imports that the United States typically receives to continue until 2027.

Anatoly Antonov, Russia's ambassador in Washington, warned that the US decision is causing disruptions in global economic interactions, adding that Russia will not yield the intended outcomes.

"The delicate balance between exporters and importers of uranium products is being disrupted," the Russian embassy cited Antonov as saying in a Telegram post.

"Life has confirmed that the Russian economy is ready for any challenges and quickly responds to emerging difficulties, even extracting dividends from the situation. It will be so this time too."

Stockpiling Russian uranium

The US nuclear power industry has grown reliant on cost-effective enriched uranium sourced from Russia.

Last year, The New York Times reported that American companies were funneling approximately $1 billion into Russia's state nuclear corporation, Rosatom, for the acquisition of nuclear fuel.

During the first half of 2023, the United States bought 416 tons of uranium from Russia, which is 2.2 times larger than in the same period last year and the largest amount since 2005.

Initially, the White House did not endorse a ban on Russian uranium for fueling US power plants, but after two years of stockpiling, a bipartisan bill in December was passed by the House of Representatives aiming to cease Russian imports until 2040.