The United States and China have both ramped up their imports of enriched uranium from Russia in May 2024, ahead of a U.S. ban on Russian uranium imports set to take effect in August.
In May, the United States purchased about 91 tons of enriched uranium from Russia, valued at $210 million, according to Russian media reports. This marks the highest amount since March 2023, when imports totaled $246 million. Russian shipments accounted for 21.5% of the total enriched uranium the U.S. bought in May 2024.
Interestingly, while China was the largest exporter of enriched uranium to the U.S. in May, it also became the largest importer of Russian enriched uranium in May, purchasing a multi-year record amount of $233 million. The last time China imported such a large quantity of enriched uranium from Russia in a single month was in 2015.
There is no suggestion that China buys Russian enriched uranium and sells it to the US. The rush to increase imports may have been driven by the expected price surge ahead of the impending U.S. ban.
In response to Russia’s invasion of Ukraine, U.S. President Joe Biden signed a bill in May banning the import of Russian uranium, with the ban set to begin on August 11, 2024. This measure aims to reduce the revenue available to Russian President Vladimir Putin amid the ongoing conflict in Ukraine. The law allows for waivers until January 2028 to mitigate potential supply disruptions.
The Department of Energy emphasized the significance and impact of this measure, saying "the Biden-Harris Administration does not take this decision lightly".
"Russia has roughly 44% of the world’s uranium enrichment capacity and supplies approximately 35% of our imports for nuclear fuel. We recognize that a transition away from Russian-sourced fuel will not happen overnight," said the statement.
Russia supplies 12% to 20% of the enriched uranium used in 54 power nuclear plants operating across 28 states in the U.S, according to the U.S. Energy Information Administration.
lllinois has 11 reactors, the most of any state, with a total nameplate electricity generating capacity of 12,415 megawatts (MW), equal to 12% of total U.S. operating nuclear electricity generation capacity.
The U.S. is the world's largest producer of nuclear power, accounting for about 30% of worldwide generation of nuclear electricity. The country's nuclear reactors produce 19% of its total electrical output.
