It appears that certain members of the US Congress are moving forward with a plan to ban Russian uranium in the United States. The bill has been introduced by Cathy McMorris Rodgers, a Republican representative from Washington’s District 5, and is co-sponsored by Rep Robert E. Latta, from Ohio.

Details on the bill itself are currently slim. Entitled “H.R.1042 – To prohibit the importation into the United States of unirradiated low-enriched uranium that is produced in the Russian Federation, and for other purposes,” little additional information is currently available on the bill. The bill is said to have been introduced yesterday, and concurrently referred to the House Committee on Energy and Commerce.

The text of the bill has not yet been publicly disclosed.

A hearing on the matter was initially held by the Energy and Commerce Committee on February 7, when McMorris spent part of her opening statement highlighting that the legislation she helped craft would reduce reliance on nuclear fuel from Russia, while moving to provide support to the American Assured Fuel Supply.

Russia currently supplies 28% of enriched uranium consumed by the United States, and 31% of the enriched uranium consumed by the European Union.

Nuclear energy currently provides 18.9% of the United States’ annual power needs, as per CNBC.

The renewed sanction talks follow a Washington Post report saying Rosatom has been working to supply Russia’s military with missile components, technology, and raw materials. The supplies were shipped to armament manufacturers who sell to Russia’s military, and some of those missiles are likely to have been used in Russia’s war against Ukraine.

Information for this briefing was found via the Washington Post and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.