Rosatom is a 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. 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.
Uranium stocks, ETFs jump
The Global Uranium X ETF jumped on the news, rising as much as 3.7% to a session high. Cameco Corporation was up 5.5% in Toronto and uranium explorer Denison Mines Corp. rose 4.4%, Energy Fuels Inc. rose 4.6% and NexGen Energy Ltd. increased 3.3%. In the U.S., Uranium Energy Corporation shares rose 0.7%. The NorthShore Global Uranium Mining EFT gained as much as 6%.
It’s unclear what the sanctions would mean for American nuclear plants and importers of fuel. Russia accounted for 16.5% of the uranium imported into the U.S. in 2020 and 23%…
