Sen. Cruz Blocks Ban on Russian Uranium

The US Senate and House have passed the National Defense Authorization Act (NDAA), enabling the Nuclear Fuel Security Act. The bill, however, has encountered a delay in the Senate due to a hold placed by Senator Ted Cruz (R-TX) for reasons not directly related to the bill itself.

Senate Majority Leader Chuck Schumer (NY) has expressed disapproval of Cruz's action, pointing out the unanimous House support for the ban. Schumer stated the importance of not using Russian nuclear fuel, linking it to the financing of Russia's nuclear arsenal.

Concurrently, uranium prices in the United States have risen to over $85 per pound. This is the first time since January 2008 that prices have exceeded levels seen prior to the Fukushima disaster. The increase in uranium prices is attributed to growing demand and heightened supply risks.

These supply risks are compounded by the pending ban on Russian uranium. Additional factors contributing to supply uncertainties include the recent military coup in Niger and reduced uranium production in Canada.