Expert predicts rise in uranium prices in the U.S. in case of restrictions on its supplies from Russia

Moscow 's restrictions on enriched uranium supplies to Washington will lead to an increase in uranium prices in the United States and will also reduce the profitability of American nuclear power plants (NPPs). Igor Yushkov, a leading analyst at the National Energy Security Fund, an expert and lecturer at the Financial University under the Government of the Russian Federation, told Izvestia on November 19.

"The United States will buy enriched uranium from other countries, but in any case it will push the prices for it in the United States up and, accordingly, reduce the profitability of nuclear power plants," the expert explained.

He recalled that in 2023 Russia was the largest supplier of enriched uranium to the United States. Russia's decision on restrictions is a problem for the United States.

Yushkov noted that in May Washington imposed a restriction until 2027 on uranium imports from Russia, but not a ban, in order to leave a loophole in case prices for it on the U.S. market begin to rise. In such a case, the government is obliged to issue an exemption from the sanctions, the expert emphasized.

The Russian government imposed temporary restrictions on the export of enriched uranium to the United States, the press service of the Cabinet of Ministers reported on November 15. The decision was made on the instructions of Russian President Vladimir Putin. It was a response to the restriction imposed by the United States until 2027 on uranium imports from Russia.

Kremlin spokesman Dmitry Peskov said on November 18 that such a government decision would not harm Russian interests and was "absolutely mirror response measures."

The Daily Wrap portal reported on November 16 that the restriction on Russian uranium supplies to the United States would hit the U.S. energy industry because Russia's share of nuclear fuel supplies to the United States is about 35%.