PDN ASX: Uranium stocks rally after Putin threatens to cut supply

Already a subscriber?Russian President Vladimir Putin has threatened to cut off Western access to its huge uranium reserves in retaliation for sanctions placed on Moscow following its invasion of Ukraine.

“Russia is the leader in strategic raw materials reserves like uranium, titanium, nickel,” Mr Putin said. Since Western sanctions limit exports of some Russian commodities, “maybe we should think about certain restrictions”, he said, adding that such limits should not harm Russia. Indeed, Russia accounted for about 27 per cent of the enriched uranium supplied to US commercial reactors last year. Nuclear reactors require enriched uranium for their fuel.More countries are turning to nuclear power as a form of low-carbon energy. In Australia, Opposition Leader Peter Dutton will take a pro-nuclear policy to next year’s federal election.

The global market’s reliance on Russia’s uranium does not translate into huge financial gains for Moscow, which makes Mr Putin’s threat all the more dangerous, according to uranium bull Guy Keller.

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