Important Takeaways:

• Biden signs Russian uranium ban
• Why it matters: The U.S. spends an estimated $1 billion per year on nuclear fuel from Russia, so the new law cuts off a key source of revenue as Putin’s forces escalate their war on Ukraine and drive military spending to levels not seen since the Soviet Union in the mid-1980s.
• Congress moved to ban Russian oil, gas and coal soon after the full-scale Russian military invasion of Ukraine began in February 2022, but Russia supplies about 20% of its enriched uranium for U.S. nuclear fuel.
• The legislation could shake up the industry’s supply and initiating nuclear fuel supply programs will be crucial for the Biden administration to avoid industry disruptions and obstacles for the next generation of reactors, Axios’ Nick Sobczyk reports.
• Zoom in: The measure, dubbed the Prohibiting Russian Uranium Imports Act, unlocks $2.7 billion in new funding for nuclear fuel supply programs at the Department of Energy.

Read the original article by clicking here.