Biden bans Russian uranium by 2028, boosts U.S. nuclear sector

On Monday, President of the USA Joe Biden signed a bill aimed at progressively reducing and ultimately banning uranium imports from Russia starting in 2028. This legislation also encompasses measures to invest in American uranium enrichment facilities for nuclear power plants.

Jake Sullivan, the USA's National Security Advisor, noted that the bill represents a "historic series of actions that will strengthen our nation’s energy and economic security by reducing—and ultimately eliminating—our reliance on Russia for civilian nuclear power." The bill received unanimous support in the Senate and was passed by voice vote in the House.

This legislation mandates a gradual reduction in the quantity of uranium imported from Russia - starting with 525 tons this year and incrementally decreasing over the next four years until a complete embargo is enforced in 2028. Republican Senator Tom Barrasso, the bill's sponsor, highlighted that the reduction would cut off $1 billion from the Russian budget this year alone. Previously, Russia supplied 24 percent of the uranium used by American nuclear power plants.

In response to the White House's request, Congress allocated $2.7 billion to enhance uranium enrichment infrastructure. This funding aligns with an agreement made in December between the USA, Japan, France, Great Britain, and Canada to boost domestic processing of the material, aiming to achieve nuclear energy independence from Russian uranium. Currently, Russia boasts approximately half of the global uranium enrichment capacity.