Biden signs legislation prohibiting the import of Russian uranium for nuclear energy.

• The U.S. Department of Energy declared on Tuesday that it will start banning imported Russian uranium from mid-August.
• Russia has control over nearly half of the world's enriched uranium, and about a quarter of the U.S.'s enriched uranium, which powers the country's 94 nuclear reactors, originates from Russia.
• The federal funding to expand the country's uranium industry is unlocked by the ban.

The U.S. Department of Energy declared on Tuesday that the United States will prohibit the import of Russian uranium starting from August 11th.

Nearly half of the world's enriched uranium is controlled by Russia, and about a quarter of the U.S.'s enriched uranium, which powers the country's 94 nuclear reactors, originates from Russia.

On Monday, U.S. President Joe Biden signed a law that includes a ban and $2.72 billion in federal funding to expand the country's uranium industry.

Uranium-tracking exchange-traded funds experienced a slight increase in value following the announcement, with both the and the trading up approximately 1% on Tuesday.

The law permits utilities to apply for waivers to avoid shutting down reactors due to the ban's implementation, but all waivers will expire on or before January 1, 2028.

"U.S. Energy Secretary Jennifer Granholm stated that our country's clean energy future will not depend on Russian imports. Instead, we are investing in developing a secure nuclear fuel supply chain within the United States."

Despite sanctioning over 35 of Rosatom's subsidiaries since February 2022, the U.S. still imports more than 20% of its enriched uranium from the Russian state-owned nuclear power company.

The ranking member of the U.S. Senate Committee on Energy and Natural Resources, Sen. John Barrasso, R-WY, stated that the latest move signifies the end of the U.S.'s dependence on Russia for the commodity.

The enactment of the bill banning imports of Russian uranium will stimulate America's nuclear fuel industry, weaken Russia's war machine, and revive American uranium production for a long time, as stated by Barrasso on Monday.

Russia's ambassador to the U.S., Anatoly Antonov, stated on Telegram that Biden's signing of the ban was another "failed" attempt to inflict a strategic economic defeat on Russia.

"The disruption of the balance between uranium exporters and importers is causing new shocks in international economic relations due to the current attack on the world market for uranium fuel for nuclear power plants."