Earlier this week, President Joe Biden placed a ban on imports of Russian oil and other energy products into the country. However, this ban didn’t include a ban on uranium imports because the U.S. power industry relies on Russia, Uzbekistan and Kazakhstan for about one-half of the uranium it uses to power its nuclear power plants in order to meet energy demand.
Figures from last year show that the U.S. imported more than 240 million barrels of petroleum products and crude oil from Russia, which was about 25% higher than the barrels imported in 2020.
The U.S. nuclear industry has been calling on the Biden administration to allow imports of uranium from Russia despite the country’s invasion of Ukraine. Currently, the U.S. has no uranium processing or production going on. However, a number of companies have revealed that they would be open to resuming domestic production in Wyoming or Texas if producers of nuclear power entered into long-term contracts of supply.
The production of uranium in Russia is controlled by Rosatom, a state-run company established by President Vladimir Putin more than a decade ago. Rosatom is a major source of revenue for the Eastern European country.
The exemption of imports of uranium into America may bring about questions about how businesses in the U.S. still support the economy of Russia during this time.
The National Energy Institute, which is a trade group comprised of nuclear power-generating companies in America, stated that it supported the development of the U.S. uranium industry. The institute’s senior director of fuel and radiation safety, Nima Ashkeboussi, explained that American utilities contracted with a global network of countries and companies for their fuel requirements to alleviate risks of possible disruption.
Power-generating companies aren’t the only parties that are focused on Russia. The American Congress has also been paying attention to the country, which is a major producer of a number of metals.
Earlier this week during the CERA Week energy conference in Houston, Sen. Dan Sullivan stated that the nation needed to identify alternative sources for uranium. Jennifer Granholm, the United States Energy secretary, also addressed the conference. Granholm’s department is in charge of some parts of the nuclear industry in the U.S.
Conflicts such as that one happening in Ukraine make a strong case for arrangements to be made for the uranium extracted by locally based companies such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) to be processed domestically so that a sufficient supply is available should foreign suppliers be hindered from meeting their contractual obligations.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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