US President Joe Biden has recently signed a law prohibiting the import of Russian uranium, which had previously been approved by Congress. The law will take effect 90 days after signing and will remain in effect until 2040. However, until January 2028, the US Department of Energy can issue permits for the import of non-irradiated, low-enriched uranium produced in Russia or at a Russian facility if there are no other sources of supply.
The decision to ban the import of Russian uranium was praised by US National Security Adviser Jake Sullivan as historic. According to Sullivan, this move will enhance US energy and economic security and reduce dependence on Russia in the civil nuclear energy sector. Prior to this decision, American companies paid approximately $1 billion annually for enriched uranium from Russia, which is the primary fuel for commercial nuclear reactors. Rosatom provided about 20 percent of the enriched uranium used in 93 US nuclear reactors.
In 2023, Russia earned $1.2 billion from the sale of uranium to the United States, a 43 percent increase from the previous year. Global uranium prices have risen by 70 percent in the past year. This decision marks a significant shift in US energy policy and aims to reduce reliance on Russian uranium imports.
Overall, this move is seen as an important step towards achieving greater energy independence and reducing dependence on foreign sources of supply. It will also have positive implications for national security and economic stability in the long term.
