In news that will act as a headwind for the U.S.’s re-emerging nuclear industry, it was reported last week that Russia is temporarily restricting enriched uranium exports to the U.S., raising supply concerns for reactors that produce nearly 20% of the nation’s electricity.
Russia provided no details or timeline for its uranium export restrictions in a Friday Telegram statement, though utilities’ advance purchasing likely mitigates immediate effects, Bloomberg wrote in a report on Friday.
Amid global backlash over its war in Ukraine, Russia continues leveraging energy as a geopolitical tool, also cutting gas supplies to Austria—ending a 60-year agreement that fulfills 80% of its demand—citing a legal dispute.
Bloomberg noted that Russia’s move targets a key U.S. vulnerability in the nuclear fuel cycle, as it controls nearly half of global uranium enrichment capacity and supplied over a quarter of U.S. enriched fuel last year.
Chris Gadomski, head nuclear analyst for BloombergNEF commented: “We don’t have enough enriched uranium here. They should have been stockpiling enriched uranium in anticipation of this happening.”
Hellbound and Down 