Russian Uranium Import Ban Faces Senate Hold Amidst Bipartisan Support

The Senate and House have successfully passed the National Defense Authorization Act (NDAA), paving the way for the Nuclear Fuel Security Act to reach the desk of US President Joe Biden. Simultaneously, the House unanimously approved the Russian Uranium Ban, only to face an unexpected hurdle in the Senate.

Amir Adnani, Founder/CEO of Uranium Energy, expressed enthusiasm about the developments, stating, “Historic week for the American #uranium fuel cycle! Senate & House have passed the NDAA which sends the Nuclear Fuel Security Act to @POTUS for signature into law.”

However, the Russian Uranium Ban hit a snag in the Senate when Senator Ted Cruz placed a hold on the bill for reasons unrelated to the issue. Adnani acknowledged the setback, noting, “While on hold, the ban bill is still pending in the Senate who are set to return on Monday, providing additional time to resolve the issue. If unsuccessful, it simply rolls into the new year with overwhelming bipartisan support.”

In a show of bipartisan backing, Republican Senator Jim Risch and Democrat Senators Sherrod Brown and Joe Manchin offered their statements of support for the Russian Uranium Ban. Adnani, representing the Texas-based Uranium Energy, expressed confidence that Cruz would eventually support the bill.

He highlighted the bill’s significance for Texas, stating, “@UraniumEnergy remains confident that @SenTedCruz will support this historic bill in time to support a strategic growth industry in his state while eliminating our dependence on Putin to power 1 in every 5 homes in America .”

Senate Majority Leader Chuck Schumer criticized Cruz’s objection, calling it “unacceptable.” Schumer emphasized the unanimous House approval of the ban and stated, “We should not be using any nuclear fuel from Russia, and we shouldn’t be helping pay for their nuclear arsenal. But Senator Cruz sided with Putin.”

Adnani also highlighted a Bloomberg report that relayed Tenex, a Russian state-owned uranium company, had issued a warning to American customers, including Constellation, Duke, and Dominion. The warning suggested that the Kremlin might preemptively block exports of its nuclear fuel to the US if legislation barring imports were passed in Washington.

Uranium prices in the United States have spiked to over $85 per pound, marking the first time since January 2008 that rates have soared beyond pre-Fukushima disaster levels. The surge in prices is attributed to heightened demand coupled with escalating supply risks.

The pending ban contributes to an overall increase in supply risks, further exacerbated by uncertainties stemming from Niger’s recent military coup and reduced output from Canada.

Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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