MANAGEMENT

New US bill to ban Russian uranium

Banning Russian uranium would end American reliance on Russian nuclear fuel

The bill would prohibit uranium imports from Russia

The bill would prohibit uranium imports from Russia

A bipartisan bill was presented in the U.S. Congress to ban the import of Russian uranium, as a reaction to Russia's invasion of Ukraine.

The bill was sponsored by Minnesota Congressman Pete Stauber (R), Nebraska Congressman Adrian Smith (R), and Texas Congressmen Vicente Gonzalez (D) and Henry Cuellar (D).

The U.S. purchased more than 34 million pounds of uranium from 2016 to 2020, according to the Energy Information Administration.

"We have the time and capacity to safely produce uranium domestically, rather than buying it from Russia and funding their war on Ukraine," Congressman Smith said in the statement.

Banning Russian uranium would end American reliance on Russian nuclear fuel, Scott Melbye, who heads the Uranium Producers of America and is EVP of Uranium Energy Corp, said.

Additionally, banning of Russian uranium would allow the U.S.' uranium industry to thrive, he said.

"The domestic uranium industry stands ready to work with U.S. utilities and other Western uranium suppliers to ensure every single domestic reactor will be able to maintain operations as the U.S. economy increasingly relies on clean nuclear power."

Half of the uranium that the U.S. uses hails from Russia, Kazakhstan, and Uzbekistan, National Mining Association chief executive Rich Nolan said.

He called on the U.S. government to take "aggressive action" to ensure that the U.S. moves away from this dependence on foreign uranium.

One Senator also introduced a bill to ban the import of Russian oil, gas, and coal earlier in March. U.S. President Joe Biden announced the U.S. would ban these energy sources the next day.

The Biden administration has made the domestic production of critical minerals a priority, announcing in February that the country should work to reduce its dependence on China for the resources.

The Interior Department is also working to update the 1872 mining law to reflect current environmental and safety regulations.

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