Russia’s Plan For Ban On Uranium Exports Sends Prices Soaring – OilPrice.com

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Russia is reportedly considering a ban on enriched uranium exports.
Russia is the third-largest source of U.S. uranium, accounting for about 16% of total U.S. imports.

Several weeks ago, when Biden instituted a wholesale ban on Russian energy exports, he explicitly carved out Russian uranium suppliers for the simple reason that the US is very much reliant on Russia for its nuclear power plant needs – after all, Russia is the third-largest source of U.S. uranium, accounting for about 16% of total U.S. imports.

This prompted us to ask back on March 9 whether Putin would place enriched uranium on the list of banned Russian exports, and why Uranium stocks soared late last week after U.S. Energy Department signaled more aid for current and future nuclear reactors.

Well, moments ago the very thorny issue of Russian uranium came to a head when Russia news agency TASS cited deputy prime minister Novak, who said that Russia is considering a ban on Uranium exports.

RUSSIA CONSIDERING BAN ON URANIUM EXPORTS: TASS CITES NOVAK

The news sent a basket of Uranium stocks and ETFs to fresh 2022 highs…

… and pushed our preferred uranium miner, Canada’s Cameco Corp – which we have been recommending since it was about $10/share back in Dec 2020, briefly above $30, the highest price since 2011.