Russia’s Proposed Ban On Uranium Exports Sends Stocks Soaring

Several weeks ago, when Biden instituted a wholesale ban on Russian energy exports, he explicitly carved out Russian uranium suppliers for the simple reason that the US is very much reliant on Russia for its nuclear power plant needs - after all, Russia is the third-largest source of U.S. uranium, accounting for about 16% of total U.S. imports. This prompted us to ask back on March 9 whether Putin would place enriched uranium on the list of banned Russian exports, and why Uranium stocks soared late last week after U.S. Energy Department signaled…