Uranium Prices Climb as Russia Restricts Exports to the U.S.

Uranium prices rose on Friday after Russia announced temporary restrictions on exporting enriched uranium to the United States. The decision, seen as a retaliatory measure following the U.S. ban on Russian uranium imports, allows companies authorized by Russia’s export control watchdog to continue limited shipments.

Bids for uranium delivery in November 2025 jumped $4 to $84 a pound, according to market consultancy UxC. “Many sellers have backed away from making offers at the moment as they assess the impact,” said Jonathan Hinze, president of UxC.

Despite the news, the weekly spot price of uranium fell $1 to $77 a pound as of Nov. 11, down from $78 the previous week and sharply below the $90 seen in May, UxC data showed.

Shares of uranium miners surged on the announcement, reflecting expectations of tighter supply in the market.

Russia’s Role in the Global Uranium Market

Russia accounts for approximately 44% of the world’s uranium enrichment capacity, making it the largest global supplier. Before the U.S. sanctions, Russia provided about 35% of the nuclear fuel used by American reactors, according to the U.S. Office of Nuclear Energy.

While the export restrictions sent a ripple through the market, analysts say disruptions are likely to be limited in the near term. Waivers previously issued by the U.S. Department of Energy allow Russian uranium imports to continue largely uninterrupted until 2027.

“$100 per pound is very achievable in the spot market,” said John Ciampaglia, CEO of Sprott Asset Management, which oversees one of the largest physical uranium funds. “Demand is inelastic, and securing supply is paramount, but the enrichment and conversion elements of the fuel cycle remain the tightest bottlenecks.”

U.S. Efforts to Reduce Dependence

The Russian restrictions have reignited focus on the U.S.’s limited domestic uranium enrichment capabilities. Currently, the only commercial uranium enrichment facility in the country is operated by British-Dutch-German consortium Urenco in New Mexico, which announced plans to expand last year.

French nuclear fuel firm Orano also plans to build a new enrichment facility in the U.S., though it wouldn’t be operational until the early 2030s.

The uranium market remains highly sensitive to geopolitical tensions and supply chain constraints, with analysts predicting volatility in both spot and long-term prices. While Russian exports may continue in the short term, the broader market is bracing for potential disruptions as global suppliers scramble to meet demand.