President Biden has taken a significant step to reduce U.S. dependence on Russian uranium imports by signing the Prohibiting Russian Uranium Imports Act into law. This act, passed with bipartisan support in Congress, aims to promote the development of the domestic uranium market to support the growing U.S. nuclear power generation industry.
The act prohibits the import of unirradiated low-enriched uranium (LEU) from Russia, effective August 13, 2024, with potential waivers available until January 1, 2028. To stimulate U.S. LEU production, $2.72 billion has been allocated, including $700 million specifically targeted towards high-assay LEU (HALEU) production.
Furthermore, the Emergency National Security Supplemental Appropriations Act has conditioned the release of the $2.72 billion on the U.S. ban of Russian uranium imports. This funding is crucial for developing the domestic uranium market and reducing reliance on Russian imports, which currently account for 12% of uranium purchased in the United States.
The act also addresses concerns regarding the quick severance of Russian LEU supply by allowing waivers to be issued if no alternative sources exist to sustain operations of U.S. nuclear reactors or if it is in the nation’s best interest. The Department of Energy plans to formalize the waiver process within the next 30 days.
With the United States aiming to lead in nuclear power generation, the allocation of funds to support research, development, and production of HALEU is crucial for the next generation of small modular reactors. This legislation signals a significant investment in the U.S. nuclear industry’s future and underscores the country’s commitment to energy security and independence.
