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Home  → News  → Non-renewable Energy  → “America” deals a new blow to “Russia’s” economy and bans the import of uranium from it

“America” deals a new blow to “Russia’s” economy and bans the import of uranium from it

May 1, 2024

The US Congress approved legislation banning the import of enriched uranium from Russia, in a historic step that strengthens US national security and reduces dependence on Moscow in the field of nuclear energy.

The legislation allows the US Department of Energy to issue exemptions allowing the import of limited quantities of Russian uranium until 2027.

The White House strongly supports the ban, stating that it is a “national security priority” and “essential to provide approximately $2.7 billion to support the domestic uranium industry.”

This decision is considered a strong blow to Russia's economy. Exports of enriched uranium are an important source of income. Russia's annual revenues from these sales are estimated at about $1 billion, and are used to finance its war in Ukraine.

The ban is part of broader efforts by the United States and its allies to isolate Russia economically. In response to its invasion of Ukraine, these efforts include a ban on imports of Russian oil and a price cap on seaborne exports of crude oil and petroleum products.

The ban is expected to raise the costs of enriched uranium by about 20%. However, experts emphasize that the United States possesses a sufficient strategic stockpile of uranium; To ensure that nuclear power plants continue to operate for many years without any interruption.