Uranium prices in the world have increased by 46% due to sanctions against Russia
Uranium prices on world markets are at high levels due to the US ban on buying nuclear fuel from Russia. At the same time, payments for services for enrichment of raw materials are at record levels, Kommersant writes
Thus, at the end of June 2024, the cost of uranium conversion on the spot jumped by 46% year-on-year, reaching $60 per 1 kg, payment for enrichment increased by 19%, to $174 per unit of work, the cost in long-term contracts increased by 17%, to $159.
The publication notes that the US company Centrus Energy, which does not have its own centrifuges, has obtained the right from the US Department of Energy to purchase fuel from Rosatom only for 2024-2025. Centrus Energy itself emphasizes that the company sees great difficulties without the Russian product for at least another 2 years.
Let us recall that US President Joe Biden has banned the purchase of enriched uranium from Russia, this decision will come into effect on August 11. The prohibiting documents contain “loopholes” that allow US companies to buy Russian uranium if “there is no alternative”.
In 2023, America bought enriched uranium from Russia worth about $1.2 billion.