The U.S. Senate has unanimously approved a bill aimed at prohibiting the import of enriched uranium from Russia, Bloomberg reports on May 1.
The legislation, which received prior approval from the House of Representatives in December of the previous year, now awaits the signature of U.S. President Joe Biden to become law.
Once enacted, the restriction is set to take effect 90 days thereafter and will remain in place until the culmination of 2040. However, the document does allow for a temporary exemption from the ban until the beginning of 2028.
Bloomberg states that Russia currently supplies approximately 25% of the enriched uranium utilized as fuel for 90 American nuclear reactors, establishing itself as the primary foreign provider of this crucial material in terms of volume. The annual revenue generated from the sale of uranium in the United States amounts to around $1 bn for Russia. Nonetheless, replenishing this supply could present significant challenges and risks, potentially leading to a 20% increase in fuel costs, as highlighted by the agency.
The White House has previously advocated for a "long-term ban" on Russian uranium supplies, citing national security concerns. This stance aims to unlock nearly $2.7 bn in support for the domestic uranium industry, as allocated by the U.S. Congress. However, this financial support is contingent upon the introduction of restrictions on uranium imports from Russia.
In a statement, the White House underscored the importance of this measure, emphasizing that dependence on Russian uranium sources poses a risk to the U.S. economy and the civilian nuclear industry. Furthermore, the statement noted that Russia's military actions in Ukraine have exacerbated concerns surrounding this dependence.
Bloomberg acknowledged that Russia is likely to retaliate against these restrictions by implementing a unilateral ban on exports, potentially halting supplies of low-enriched uranium from the country immediately upon enactment of the legislation.
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