In an effort to weaken Putin’s financial support for the war in Ukraine, the United States has approved a ban on uranium imports from Russia. This move, however, raises concerns about retaliation from Russia, which is a major foreign supplier of uranium to American nuclear power plants (approximately 24%).
The U.S. Department of Energy (DOE) is reassuring the public that it is prepared for the situation. Officials claim that they have sufficient stockpiles and plan to invest in domestic uranium production. The goal is to completely replace Russian imports within 3-4 years.
Allies like Canada and France will also assist the US in building independence from Russian uranium. The import ban from Russia will also unlock $2.7 billion from previous legislation, which will be used to develop the domestic uranium industry.
This move is part of a broader US effort to reduce reliance on the Russian energy sector.
Statistics and information on uranium:
Uranium imports from Russia to the US:
- Volume: Russia supplied 24% of the uranium used by reactors in the country in 2022.
- Value: The value of uranium imports from Russia to the US in 2022 reached approximately $10 billion.
- Price: The price of uranium rose to $63.50 per pound in April 2024 due to the threat of an import ban from Russia.
Domestic uranium production in the US:
- Current capacity: The US currently produces 1 million pounds of uranium per year, which is a fraction of its consumption.
- Planned growth: Construction of new uranium processing facilities is planned by 2028, increasing annual production to 10 million pounds.
- Investments: The US government plans to invest $2.7 billion in developing the domestic uranium industry.
Other relevant information:
- Nuclear power plants in the US refuel only once every 2 years.
- Uranium supply contracts are entered into years in advance.
- The US is the second-largest producer of nuclear energy in the world.
- The US aims to decarbonize its economy by 2050.
