Balanced Portfolio Strategy Update - Uranium
Date: 01/05/2024
*** GENERAL AVICE ONLY***
The US Senate voted Tuesday evening to approve legislation banning the import of enriched uranium from Russia, sending the measure to the White House which has said it supports efforts to block the Kremlin’s shipments of the reactor fuel.
The Prohibiting Russian Uranium Imports Act, approved by unanimous consent, would bar US imports 90 days after enactment while allowing temporary waivers until January 2028. Biden must sign the bill before it becomes law.
Russia provided almost a quarter of the enriched uranium used to the No. 1 Uranium consumer in the world, fuelling America’s fleet of more than 90 commercial reactors. Russia is the No. 1 foreign supplier, according to US Energy Department data. Those sales provide an estimated $1 billion a year to Russia, but replacing that supply could be a challenge and risks raising the costs of enriched uranium by about 20%.
Senate Passes Russian Uranium Import Ban, Sending to Biden
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