US Senate backs ban on Russian uranium
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Russia supplied 24% of all enriched uranium delivered to the US in 2022, making it the country's leading importer of the critical fuel.
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A security official walks in front of the US Capitol in Washington DC on December 11, 2020. (AFP)
The US Senate on Tuesday approved legislation prohibiting enriched uranium imports from Russia. The Prohibiting Russian Uranium Imports Act was overwhelmingly adopted and handed to President Joe Biden for signature.
As reported by the US Energy Department, Russia supplied 24% of all enriched uranium delivered to the US in 2022, making it the country's leading importer of the critical fuel.
RIA Novosti reported in February, citing official statistics, that the US imported $1.2 billion worth of Russian uranium last year, the highest ever on record.
The US Congress tried to apply a ban in December on imports of Russian uranium as part of the sanctions campaign against the latter over the Ukraine conflict, however, the bill was stuck in the Senate.
Amid the political talks on banning uranium, US purchases of Russian uranium jumped twice the previous amount in December to $193.2 million, RIA Novosti said, explaining that this resulted in a total value of shipments for the year increasing by 43%, hitting a new record of $1.2 billion.
According to Wyoming Republican Senator John Barrasso, the legislation will "help defund Russia's war machine, revive American uranium production, and jump-start investments in America's nuclear fuel supply chain."
A newly published report by Reuters highlights the #US dependence on #Russian uranium, citing lobbying efforts to exempt Russian uranium from #Washington's sanctions.#Russia pic.twitter.com/fbO3nHlt5e
— Al Mayadeen English (@MayadeenEnglish) March 2, 2022
The measure proposes a ban on Russian-enriched uranium imports, with interim exceptions until January 2028, and also frees up $2.7 billion from prior legislation to build the US' uranium processing sector.
According to Bloomberg, Jonathan Hinze, head of nuclear fuel market research firm UxC, has warned that the prohibition might cause enriched uranium prices to rise by 20%, with one SWU (an industry standard unit of measurement) costing up to $200.
Bloomberg also pointed out that Moscow could cease all supplies to the US on its own, depriving Washington of a significant portion of the uranium it requires overnight.
Last December, the US House of Representatives voted in favor of the bill, and Biden is expected to follow suit.
In October 2023, the White House asked for a long-term embargo on Russian-enriched uranium shipments, citing it as a "national security priority." In a fact sheet at the time, the Biden administration said that "dependence on Russian sources of uranium creates risk to the US economy."
