Russian Uranium Import Ban
US law prohibiting Russian uranium imports, signed May 2024, effective August 2024 with waivers until 2028 for national security.
Enacted as part of the National Defense Authorization Act, it targets Russia's 24% share of US uranium enrichment and 14% of oxide supply in 2023. Waivers require DOE certification of supply alternatives. Aims to onshore fuel cycle amid geopolitical tensions.
Why it matters now
Exacerbates HALEU shortages for SMR deployments and data center PPAs in 2025-2026, driving uranium prices up 50% YTD and favoring North American miners.