The uranium market is nervous: "It's not a fact that Russia will need exports to the USA"

World uranium prices began to rise. After the news about the restriction of imports from In Russia, in the USA, they rose by 5%. Experts believe that there will be no strong reaction, since the risks are already embedded in the current value. Fundamentally, Russia will no longer need exports to the United States, they believe.

The price of uranium for delivery in November increased on the spot market by 5% to $84 per pound. This is how the market reacted to the restrictions imposed by the Russian government on the export of low-enriched uranium to the United States. Deliveries are possible only as an exception — under one-time licenses, which will be issued by the Federal Service for Technical and Export Control.

"The market likes to be nervous about anything, but I think that in our case there will not be any strong reaction. Possible sanctions and counter—sanctions for uranium products have been discussed since 2022, and all fears have already been taken into account in the current price level," says Alexander Uvarov, director of AtomInfo Center.

Last winter, passions were even higher and uranium prices rose above $ 100 per pound.

Russian counter-sanctions mirror American sanctions, that is, they did not introduce a new element, notes Alexander Uvarov.

"Fundamentally, after the introduction of counter-sanctions, the return to trade as before will depend not only on the will of the United States, but also on our goodwill. And it's not a fact that Russia will need it," the director of AtomInfo-Center believes.

As EADaily reported, Russia is not a major producer of uranium, but its global share in enrichment and conversion exceeds a third. American nuclear power plants produce 20% of electricity in the United States and are provided with low-enriched uranium from Russia. American uranium purchases in Russia in 2023 is estimated at $ 1.2 billion.

In May of this year, the US Congress passed, and the president signed, a law banning the import of low-enriched uranium from Russia. In August, the document entered into force, but it assumes exceptions until 2028, which were used by American companies. For example, Centrus Energy.

In September, Russian President Vladimir Putin instructed to consider restricting exports to unfriendly countries so that it does not harm Russia itself.

The government's website says that the restrictions are imposed on the instructions of Russian President Vladimir Putin as a response to the restrictions imposed by the United States in 2024-2027 and a ban from 2028 on the import of uranium products from the Russian Federation.