The pending ban on imports of Russian nuclear fuel will help increase US domestic uranium fuel processing capacity, a top nuclear energy official in Washington told Reuters.
The Senate passed the legislation to ban Russian uranium imports last Tuesday, as part of the ongoing effort to curb revenues for Russia’s war on Ukraine. The bill, which will now go to President Joe Biden to be signed off, starts 90 days after enactment, although the Department of Energy (DOE) will be able to issue waivers if there are supply concerns that threaten national security.
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There are fears that Putin could retaliate by freezing exports to the US, causing a sharp increase in uranium prices. In 2022, Russia supplied the US with 24% of the uranium needed for reactors and was its top foreign supplier.
Kathryn Huff, Assistant Secretary for Nuclear at the DOE, said that the US is prepared to end reliance on Russia.
“The reality is this: over the last few years there has been a very real and present possibility that Russia could stop abruptly sending enriched uranium to the United States,” she said.
Huff added that countries such as Canada, France and Japan plan to partner in establishing an “allied alternative” to Russian uranium.
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By GlobalDataThe import ban would also unlock $2.7bn in funding that the US can invest in its own uranium industry.
“A paired structure in which we invest in new conversion and enrichment capacity and then protect those investments with some import restrictions is what is required” to develop the industry, Huff said.
With nuclear plants only requiring refuelling every two years and contracts worked out years in advance, the US has “just about enough time” to construct new uranium conversion and enrichment capacity and replace Russian imports, according to Huff.
