
Russia’s decision to restrict enriched uranium exports to the United States has raised alarms in the nuclear energy sector. The announcement, made on Telegram, provided no details about the scope or length of the restriction.
As the global leader in uranium enrichment, Russia controls nearly half of the world’s capacity and supplied over a quarter of the U.S.’s enriched uranium in 2023. While 2024 shipments are mostly complete, the U.S. nuclear industry could feel the impact in 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
“This could affect utilities expecting material that might now not arrive,” said uranium market expert Jonathan Hinze, warning of potential supply disruptions.
The restriction comes in response to President Joe Biden’s May ban on Russian uranium imports. The ban allows shipments to continue under waivers until 2028, but critics say it highlights the U.S.’s lack of preparedness to handle such disruptions.
🇺🇸🇷🇺 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 BloombergNEF analyst, pointed to insufficient stockpiles and limited domestic enrichment capabilities. “They should have been stockpiling enriched uranium in anticipation of this happening,” he said.
"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 launched efforts to rebuild America’s uranium enrichment capacity, but the initiative is far from complete. Until then, the U.S. remains vulnerable to geopolitical moves by major suppliers like Russia.