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Uranium Stocks Soar after US Said to Weigh Sanctions on Russian Nuclear Giant Rosatom

By Tyler Durden | 9 March 2022

ZERO HEDGE — Earlier today we asked if Putin would voluntarily put Russian enriched uranium exports on the list of banned Russian exports, in the process sending the stocks of uranium producers sharply higher (as Russia is currently 40%-45% of the world’s enriched Uranium supply). Well, moments ago Joe Biden may have made that decision for him.

According to Bloomberg, the Biden administration is considering imposing sanctions on Russia’s state-owned atomic energy company, Rosatom – a major supplier of fuel and technology to power plants around the world – although no final decision has been made and the White House is consulting with the nuclear power industry about the potential impact.

Rosatom is described as “delicate target” because the company and its subsidiaries account for about 35% of global uranium enrichment and has agreements to ship the nuclear fuel to countries across Europe, which means any sanctions risk plunging Europe in darkness. Thus, any punishment would also have to exempt the work Rosatom does with Iran under the terms of the deal limiting the country’s nuclear program, which Biden is seeking to revive. In other words, if Rosatom is sanctioned, it likely means that the Iran nuclear deal – which is mediated by Russians – is dead, and oil prices will soar even higher. […]

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