US Senate Votes to Ban Russian Uranium Imports

In a move targeting Russia’s revenue stream and supporting American energy independence, the US Senate passed a bill prohibiting enriched uranium imports from Russia. The legislation now awaits President Joe Biden’s signature to become law.

According to the US Department of Energy, Russia supplies nearly a quarter of the enriched uranium used as fuel for the US fleet of over 90 commercial reactors, making it the top foreign supplier. These sales bring Moscow about $1 billion per year, and replacing these supplies could be a challenge and might raise the price of enriched uranium by about 20%.

However, the ban is expected to unlock $2.7 billion previously allocated by Congress to support the domestic uranium industry. This investment could revitalize American uranium production and lessen dependence on foreign suppliers.

Certain exceptions to the law have been granted until January 2028 — in cases where alternative supply channels are unavailable, the U.S. Department of Energy will be authorized to grant permits for the importation of enriched uranium from Russia.

The legislation is set to expire at the conclusion of 2040.

Bloomberg notes that Russia could respond with a unilateral export ban if the US bans imports.