Earlier this year, senators in the world's largest economy passed a bill banning uranium imports from Moscow. The uranium cylinders were shipped from Russia. (Source: AFP)

Centrus Energy does not have centrifuges, and the US license to purchase uranium from Russia's Rosatom Corporation is only valid until 2026.

However, Centrus Energy admits it will not be able to operate without supplies from Russia until at least the end of 2027.

The US ban on imports of enriched uranium from Russia is one of the reasons for the increase in nuclear fuel prices in the country as well as in the global market.

Earlier this year, senators in the world's largest economy passed a bill banning uranium imports from Moscow.

It is a move aimed at cutting off one of the last important cash flows from the US to Russia.

On the evening of May 13, US President Joe Biden signed a law banning the import of enriched uranium from Russia, starting a 90-day countdown before the regulations take full effect. The law will completely ban the import of enriched uranium from Russia after 90 days.

The move also triggers a $2.7 billion spending package for efforts to establish a domestic uranium supply for US nuclear power plants.

Spot uranium prices rose 46% year-on-year to $60 per kilogram at the end of June 2024. Long-term contracts also rose 31% to $38.

* Previously, at the end of May 2024, Russian Ambassador to the US Anatoly Antonov stated that the ban on uranium imports from Moscow to Washington would affect President Joe Biden's own country.

According to TASS news agency, Russian President's press secretary Dmitry Peskov also emphasized: "These sanctions from the world's largest economy will not greatly affect our nuclear industry - one of the world's leading countries in this field."

Currently, Russian uranium accounts for 20-25% of the US nuclear fuel market. Therefore, Washington is unlikely to immediately compensate for the nuclear fuel supply from Moscow.