NYSEAM:UEC - Post by User
Post by
mangoeon Nov 16, 2024 5:27pm
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Post# 36316721
Knockout!πΊπΈπ΅βπ«π₯π₯π·πΊ Russian media report today that β
Knockout!πΊπΈπ΅βπ«π₯π₯π·πΊ Russian media report today that β Knockout!
Russian media report today that the enriched #Uranium that was intended to be exported to the #UnitedStates will be sold to "friendly countries" instead, naming India, Iran & China.
The Director of Russia's Energy Development Fund says that the amendments to Russia's retaliatory Foreign Exports Ban Resolution 313 of 8 March 2022, signed on 14 November as instructed by President Putin, pursues "two important goals - political and economic."
The political goal is to not sell strategically important resources to unfriendly countries, while the economic is to save those valuable uranium resources to sell to friendly nations where Russia is currently building #Nuclear reactors, presumably at far better prices than those that were negotiated years ago with US fuel buyers when uranium was in a bear market.
Their expectation is for the export ban to have a "painful" effect on US energy production, especially given the problems the US are having in its efforts to resume domestic uranium mining.
While they don't see the ban causing US Nuclear reactors to shut down immediately, given that US utilities have 1 and 1/2 years of uranium fuel on hand, they do see US fuel buyers as having 2 options:
draw down those reserves and overpay for urgent imports later; or start looking for alternative suppliers today.
In terms of the "temporary" label given to the US enriched Uranium exports ban, it would appear that it's because the amended Foreign Exports Ban 313, that's in retaliation for US/EU sanctions imposed in 2022, was recently extended to 31 December 2025, therefore this additional US enriched Uranium ban will expire at the end of 2025 unless 313 is extended again next year.
Now that it is clear that Russia will be locking in sales of US-intended enriched Uranium shipments to its strategic BRICS+ partners instead, even a quick end to the Ukraine war wouldn't suddenly make Russian uranium available to US utilities again, as Russia's intention is to ensure that their BRICS+ partners with Russian-built reactors are now their priority customers.
Down for the count! https://ura.news/news/1052844013 