World uranium prices began to rise. Following the news of the restrictions on imports from Russia to the United States, these increased by 5%. Experts believe that there will not be a strong reaction, since the risks are already included in the current value. They consider it important that Russia no longer needs to export to the United States.
The price of uranium for November delivery rose 5% in the spot market to $84 a pound. This is how the market reacted to the restrictions imposed by the Russian government on the export of low-enriched uranium to the United States. Deliveries are only possible as an exception: under single licenses, which will be issued by the Federal Service for Technical and Export Control.
“The market likes to be nervous for any reason, but I think that in our case there will not be any strong reaction. Since 2022, possible sanctions and counter-sanctions on uranium products have been discussed and all fears have already been taken into account at the current price level.” – says the director of the AtomInfo-Center Alexander Uvarov.
Last winter, passions were even greater and uranium prices rose above $100 per pound.
Russian countersanctions are a mirror of American sanctions, that is, they have not introduced any new elements, notes Alexander Uvarov.
“The important thing is that after the introduction of countersanctions, the return to trade as before will depend not only on the will of the United States, but also on our good will. And it is not a fact that Russia will need it.” – says the director of the AtomInfo-Center.
As reported EADaily Russia is not a major producer of uranium, but its global share of enrichment and conversion exceeds a third. American nuclear power plants produce 20% of America’s electricity and receive the same percentage of low-enriched uranium from Russia. US purchases of uranium from Russia in 2023 are estimated at $1.2 billion.
In May of this year, the United States Congress passed and the President signed a law prohibiting the import of low-enriched uranium from Russia. The document came into force in August, but provides for exceptions until 2028, which American companies took advantage of. For example, Centrus Energy.
In September, the Russian president Vladimir Putin It has been ordered to consider limiting exports to hostile countries so that this does not harm Russia itself.
The government website says the restrictions are being introduced under Russian President Vladimir Putin in response to those imposed by the United States in 2024-2027. restrictions and ban from 2028 on the import of uranium products from the Russian Federation.
