Ban On Russian Uranium Helps U.S. Build Nuclear Fuel Capacity

The US has been preparing since 2022 for the possibility that Russian President Vladimir Putin would stop selling nuclear power fuel to it, and a pending ban on Russian imports will help boost domestic capacity to process uranium fuel, the outgoing top nuclear energy official told Timothy Gardner of Reuters

The move has led to fears that Putin could retaliate by freezing exports to the US, thereby boosting uranium prices. I Photo: US Department of Energy

The US Senate recently passed legislation that bans imports from Russia, the latest move by Washington to disrupt Putin's ability to pay for the full-scale invasion of Ukraine that began in 2022.

The ban, which is expected to be signed by President Joe Biden, starts 90 days after enactment, although it allows the Department of Energy to issue waivers in case of supply concerns.

The move has led to fears that Putin could retaliate by freezing exports to the US, thereby boosting uranium prices. Russia supplied about 24% of the uranium used by reactors in the US in 2022 and was its top foreign supplier.

But Kathryn Huff, the DOE's assistant secretary for nuclear, who steps down soon, told Reuters the US is prepared for any scenario.

"The reality is this: Over the last few years, there has been a very real and present possibility that Russia could abruptly stop sending enriched uranium to the US."

Countries including Canada, France, and Japan will help the US deal with an "allied alternative" to Russian uranium, Huff said. And the import ban would unlock $2.7 billion from previous legislation for building out the domestic uranium industry.