US bans import of uranium from Russia

US President Joe Biden has signed legislation banning the import of Russian enriched uranium.

Source: Bloomberg

Details: The legislation, which will come into force 90 days after the signing, bans the import of enriched Uranium from Russia to the US. However, it lets the US Energy Department issue waivers allowing the import of Russian enriched uranium until 2028 if no alternative source is found or if the imports are determined to be in the national interest.

By signing this legislation, Biden has also unlocked around US$2.7 billion to build up domestic uranium supplies for US nuclear plants. This spending has been previously approved by Congress, but was conditional on whether the federal government would introduce limits on the import of Russian uranium.

The US Energy Department plans to use the US$2.7 billion that has thus been unlocked to restore domestic supply chains by creating a guaranteed buyer of fuel for US-made reactors.

Background:

• On 1 May, the US Senate voted in favour of a ban on the import of enriched uranium from Russia.
• In December 2023, the US Congress approved a bill prohibiting the United States from buying nuclear fuel from Russia in an effort to restore the US domestic uranium supply chain.
• The US has also said that dependence on Russian nuclear fuel poses a critical threat to national security and climate goals.

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