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Uranium Stocks Surge as White House Considers Russian Import Ban

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Russia,Enriched Uranium,Uranium

Uranium stocks surged as the Biden administration considers an executive order to ban Russian imports of enriched uranium due to stalled congressional efforts, citing economic risk and dependency concerns.

Uranium stocks moved higher late in the US cash session after a report from Bloomberg, citing 'people familiar with the matter,' revealed that the Biden administration is considering an executive order to ban Russian imports of enriched uranium after congressional efforts stall. Officials from the White House National Security Council, the Department of Energy, and other top-level officials have discussed reducing reliance on Russian uranium imports.

After Russia invaded Ukraine, Washington imposed sanctions on Russian-produced oil and gas—yet Russian-enriched uranium is still being imported. In this graphic, Visual Capitalist's Bruno Venditti shows how much America's nuclear power plants rely on Russian uranium. According to the Energy Information Administration, Russia supplied about a quarter of all enriched uranium used in more than 90 commercial reactors.

 

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