GTI Energy : President Biden signs bill banning the import of Russian uranium.

As reported by Bloomberg, President Biden signed into law yesterday the legislation banning the import of Russian enriched uranium.

In addition to preventing US utilities from buying Russian nuclear fuel products and services (including uranium), signing of the bill also importantly unlocks US$2.7B in federal funding which is in place to support of the domestic nuclear fuel cycle. Part of this US$2.7B in funding will fund the Nuclear Fuel Security Act (NFSA), which will "reactivate" the Strategic Uranium Reserve. This initial 10-year program will now have new "life," and should support U.S. domestic producers via purchases of domestically produced uranium for years to come. We believe that this is a very significant development for the US uranium sector, and is a disruptor to the global nuclear fuels market. Knock-on effects of the ban could include further tightening of supply and increases in price across the nuclear fuel supply chain including U₃O₈ spot and term prices. This in turn may lead to improved sentiment for uranium equities.