Russia announced it is temporarily limiting enriched uranium exports to the United States, a move that exposes vulnerabilities in the U.S. nuclear fuel supply chain. The announcement, made on Telegram, did not include specifics about the restrictions or their duration.
Russia controls nearly half of the global uranium enrichment capacity and supplied more than 25% of the enriched fuel used by the U.S. in 2023. While most of the 2024 deliveries have been received, experts warn the effects could be felt by 2025.
Uranium companies led gains in early trading on the ASX, after Russia imposed temporary restrictions on the export of enriched uranium to the US on Fridayhttps://t.co/NctRRqePyx
— Capital Brief (@CapitalBrief) November 18, 2024
Jonathan Hinze, a leading expert in uranium markets, noted, “Utilities expecting this material may now find themselves without it,” highlighting the potential disruption to U.S. nuclear reactors.
This restriction is seen as retaliation against President Joe Biden’s ban on Russian uranium imports, signed in May. Though the ban allows shipments to continue under waivers until 2028, critics argue it has done little to address America’s dependency on foreign sources.
🇺🇸🇷🇺 RUSSIA LIMITS ENRICHED URANIUM EXPORTS TO U.S.
Russia’s latest move disrupts a key component of U.S. energy, with reactors producing 20% of the nation’s power reliant on enriched uranium supplies.
Controlling nearly half of global enrichment capacity, Russia supplied over… pic.twitter.com/YWCwegfDWQ
— Mario Nawfal (@MarioNawfal) November 17, 2024
Chris Gadomski, a nuclear analyst for BloombergNEF, criticized the lack of foresight. “We don’t have enough enriched uranium here,” he said, adding that the U.S. should have stockpiled supplies to prepare for such an event.
"We Don't Have Enough…": Russia Temporarily Limits Exports Of Enriched Uranium To U.S. https://t.co/WlUPikW0Hw
— zerohedge (@zerohedge) November 16, 2024
The Biden administration has initiated a multibillion-dollar effort to revive domestic uranium enrichment, but the project is still in its infancy. Without immediate action, the nuclear sector may face significant challenges in the coming years.
