The US Senate passed a bill banning the import of enriched uranium from Russia — the document was sent to President Joe Biden for signature. The law will enter into force 90 days after signing.
Some exceptions to the law are allowed until January 2028. If there are no other sources of supply, the US Department of Energy will be able to issue permits to import enriched uranium from Russia. This law expires at the end of 2040.
Russia supplied nearly a quarter of the enriched uranium used as fuel for the US fleet of more than 90 commercial reactors, making it the top foreign supplier, according to the US Department of Energy. Those sales bring Moscow about a billion dollars a year, but replacing those supplies could be a challenge and risks pushing up the price of enriched uranium by about 20%.
The White House believes the ban will help unlock about $2.7 billion in support for the domestic uranium industry provided by Congress earlier this year.
Bloomberg notes that Russia may respond with a unilateral export ban if the US bans imports.