The US Senate is said to have finally passed a bill supporting the ban of Russian uranium imports this evening. Referred to as the Prohibiting Russian Uranium Imports Act, the bill is said to have been approved by unanimous consent.
The bill, if signed into law by Biden, would see the ban of US importation of enriched uranium from Russia 90 days after enactment. Temporary waivers however will be allowed until January 2028.
Russia currently supplies 24% of the enriched uranium consumed by the United States, making it the largest supplier outside of the US. Enriched uranium is currently utilized to operate over 90 commercial reactors in the US. The dominant position by Russia, as per Bloomberg, is said to translate to an estimated $1.0 billion per year in purchases from Russia.
The approval of the ban of enriched uranium from Russia was notably a requirement to unlock approximately $2.7 billion in support for the US domestic uranium market.
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The current legislation is set to expire at the end of 2040.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
