• Russia’s Temporary Export Ban: On November 15, 2024, Russia announced a temporary ban on enriched uranium exports to the U.S., amending Government Decree No. 313. The ban applies to exports to the U.S. and contracts involving U.S.-affiliated entities, with exemptions available through one-off licenses from Russia’s Federal Service for Technical and Export Control.
• Countermeasure to U.S. Sanctions: The ban is a direct response to the U.S. restrictions imposed by the Prohibiting Russian Uranium Imports Act, which fully came into effect in August 2024. The U.S. will gradually phase in a full ban on Russian uranium imports by 2028, though waivers for limited low-enriched uranium (LEU) imports may apply until then.
• Impact on Centrus Energy and U.S. Uranium Imports: Centrus Energy, which imports LEU from Russian state-owned Tenex, faces potential delays as Tenex’s export license was rescinded. In 2023, Russia accounted for 12% of U.S. uranium imports, and provided 27% of enrichment services, making it the largest foreign supplier of uranium enrichment to the U.S.

On November 15, 2024, Russia announced it would temporarily ban enriched uranium exports to the United States by amending Government Decree No. 313, passed on March 9, 2022. This counter ban applies to uranium exports to the U.S. and several contracts involving U.S. affiliated entities. There are exemptions from the ban, however, those deliveries to the U.S. must obtain one-off licenses issued by the Russian Federal Service for Technical and Export Control. 

This temporary ban is a countermeasure against the U.S.’s restrictions on Russian uranium products. According to the Russian government, “The decision was made on the instructions of the President in response to the restriction imposed by the United States for 2024-2027, and from 2028 – a ban on the import of Russian uranium products.” 

President Joe Biden had signed the Prohibiting Russian Uranium Imports Act in May after the U.S. Senate passed the bill unanimously. The prohibition fully came into effect in August, lasting until the end of 2040. The exemption to this is that waivers will be granted to allow some importance of low-enriched uranium (LEU) under certain conditions until January 1, 2028. From 2028 onwards, there will be a full ban on imported uranium products from Russia. 

Russia’s state nuclear corporation, Rosatom, confirmed that the ban was legal and a direct response to the actions from the United States. However, deliveries to other countries will not be affected and will continue as usual. Centrus Energy–a U.S. company is caught in the middle, as they import LEU from Russian state-owned company Tenex. Centrus confirmed that Tenex’s general export license has been rescinded following the new decree. Tenex informed Centrus of their plan to secure the necessary licenses promptly for each of the remaining shipments in 2024 and 2025. 

Centrus acknowledges the possibility of delays if the necessary licenses are not granted by Russia. “If TENEX is unable to secure export licenses for our pending or future orders, it would affect our ability to meet our delivery obligations to our customers and would have a material adverse effect on our business, results of operations, and competitive position,” the company said. 

According to data published by the U.S. Energy Information and Administration, American owners and operators of nuclear plants purchased 51.6 million pounds of uranium from both domestic and foreign suppliers in 2023. Major statistics include 27% from Canada, 22% from both Australia and Kazakhstan, 12% from Russia, and only 5% from domestic sources. However, U.S. facilities provided 28% of enrichment services to turn uranium into usable fuel, and Russia provided 27% to U.S. facilities, which is more than any other foreign supplier. Russia is considered the world’s largest supplier of enriched uranium.