The passage and signing of this law will ensure the U.S. will no longer be reliant on imported uranium fuel from the Russian Federation.

The legislation is designed to reduce US reliance on Russian uranium for nuclear fuel following Russia's 2022 invasion of Ukraine.

US production of 82,533 pounds U3O8 (32.1 tU) in the first quarter of 2024 was the highest Q1 production since 2018 and almost 80% more than production for the whole of 2023.

The US Senate April 30 approved legislation aimed at banning imports of Russian low-enriched uranium that is produced in Russia or by a Russian entity.

However, the Department of Energy (DOE) may waive the ban if it determines that "no alternative viable source of low-enriched uranium is available to sustain the continued operation of a nuclear reactor or a US nuclear energy company" or that importation of uranium is in the national interest.

According to World Nuclear Association information, Russia produced 2508 tU in 2022, making it the sixth largest producer of uranium in the world, while Russian reactor requirements for 2023 were estimated at 6284 tU.

Globally uranium demand is expected to rise by 28% by 2030 and to double by 2040.

“Nuclear energy currently provides almost half of the nation’s carbon-free power, and it will continue to play a significant part in transitioning to a clean energy future,” said U.S. Secretary of Energy Jennifer M. Granholm.

Production will be fully ramped up at the Pinyon Plain, La Sal and Pandora mines by mid- to late-2024, by which time Energy Fuels said it expects to be producing uranium at a run-rate of 1.1 to 1.4 million pounds per year,

Following the invasion of Ukraine, things couldn’t be more different, with countries looking to nuclear power as a source of low-carbon power that can diversify their mix from intermittent renewable energy and imported fossil fuels.