The Russian government has implemented a temporary restriction on the export of enriched uranium to the United States, a decision made in response to Washington’s ban on Russian nuclear fuel purchases.
A document released by the Russian government on Friday indicates that this measure also affects exports under foreign trade agreements involving entities registered in the U.S. However, exceptions will be allowed for shipments covered by one-time licenses issued by the Federal Service for Technical and Export Control.
This decision was taken following directives from the Russian president, as stated in the document.
In September, President Vladimir Putin proposed limiting exports of certain strategically significant raw materials, including uranium, due to Western efforts to restrict Russia’s access to specific foreign goods. He remarked at a government meeting that despite these Western sanctions, Russia continues to supply various goods to the global market “in large quantities,” with some buyers actively stockpiling Russian products.
In May, U.S. President Joe Biden enacted a law prohibiting imports of Russian enriched uranium, despite warnings that such a move could adversely affect the American economy. The legislation does allow for continued shipments under a waiver system, which the U.S. Department of Energy can utilize until 2028 if no alternatives to Russian low-enriched uranium are available or if such imports serve national interests. Additionally, the law allocates approximately $2.7 billion in federal funds to enhance domestic enrichment capacity and support the U.S. civilian nuclear industry.
In 2022, Russia supplied nearly 25% of the enriched uranium used in U.S. commercial nuclear reactors, making it the leading foreign supplier of this fuel for that year, according to data from the U.S. Energy Information Administration. Although the U.S. has its own uranium deposits, they do not meet current demand levels. In contrast, Russia possesses the largest uranium enrichment complex globally, accounting for nearly half of total worldwide capacity. This fuel is essential for both civilian nuclear power generation and military nuclear capabilities.
Russia’s share of the enriched uranium market is estimated at around 40%, with an export value of $2.7 billion.
Following the announcement of these export restrictions, uranium prices surged on Friday, with bids for November 2025 delivery increasing by $4 to reach $84 per pound, according to market research firm UxC.
Jonathan Hinze, president of UxC, noted that some utilities may have been expecting these materials and could now face shortages. While most deliveries for this year have already been completed, potential impacts from the ban could emerge in 2025 when some utilities may lack alternative suppliers.
