Russia-Ukraine war: Biden considering sanctions on Russian Uranium Supplier Rosatom

As Russia continues to increase its aggression against Ukraine, the United States on Wednesday flagged that it is weighing sanctions on Russian nuclear agency Rosatom Corp. The White House is currently in consultations with the nuclear power industry over the potential impact of the ban on Russia's state-owned atomic energy company, which is a major supplier of technology and fuel to global power plants, a senior official told prominent news media, under conditions of anonymity. However, he added, while all options were on the table, the final decision has not been made yet, as reported by Bloomberg.

So far, it is not clear what the impact of potential sanctions on Rosatom would mean on US-based nuclear plants and fuel importers, since Russia accounted for 16.5% of uranium imports in the US in 2020. As per Bloomberg, the Russian atomic energy supplier is a delicate target as the company and its subsidiaries account for nearly 35% of global uranium enrichment. Also, it is in agreement to ship nuclear fuel to countries across Europe.

"There is time to deal with this. As long as the sanctions go off in the next couple of years it is not going to interrupt much operationally," said Seth Grae, a chief executive officer of Lightbridge Corp., which is a nuclear fuel technology development company.

Biden said US would not sanction uranium from Russia

Notably, uranium imports were not included in the list of sanctions when US President Joe Biden on Tuesday announced a ban on Russian imports of oil, oil products, coal and other energy products. However, a senior Biden administration official said that no decision on the matter was imminent. Meanwhile, American uranium producers have supported the ban, nuclear industry groups have lobbied against it. "We cannot afford to not have Russian uranium and enrichment. It is cheaper than other global sources while US' production is negligible," Chris Gadomski, a nuclear energy analyst, told Bloomberg.

US imposes sanctions on Russian crude oil and oil products

In retaliation to the increasing Russian attack on Ukraine, Biden on Tuesday imposed an immediate ban on Russian oil and other energy products. Although the ban would drive up the already high fuel prices in America, Biden said it was necessary to cripple the Russian economy. He added that Washington was "moving forward" with this sanction, understanding that many of its European allies "may not be in a position to join us."

The ban attacks the "main artery" of Russia's economy, Biden said while concluding his remarks at the White House. To note, the sanctions come in addition to the plethora of financial and individual penalties Washington imposed on Moscow and Russia-based entities, including Putin and his cabinet, after on February 21 the Kremlin unilaterally identified two breakaway territories of Ukraine and later on February 24 unleashed a bloody military invasion of Kyiv.

(Image: AP)