A government funding measure that was released on Sunday will put $2.7 billion into the US uranium enrichment industry, indicating attempts to ease the country off of nuclear fuel bought from Russia.
The White House asked the financing, and it’s a part of President Joe Biden’s administration’s larger strategy to purchase enriched uranium straight from American companies. By establishing a guaranteed market for nuclear reactor fuel generated in the United States, the aim is to encourage the revival of almost dormant US capabilities.
The attempt coincides with the possibility that the Senate and the House will both enact legislation to prohibit the importation of enriched uranium from Russia, which in 2022 ranked as the leading foreign supplier of energy for nuclear reactors. The money for enrichment is contingent to the implementation of limitations.
To get itself off of Russia’s supply of uranium, the US is seeking $4.3 billion
The money will be taken from a credit program for nuclear reactors located domestically that was part of a bipartisan infrastructure bill passed in 2022. It is intended to support the development of domestic production of highly enriched uranium, which is now solely produced in Russia, and enriched uranium, which is utilized as fuel in the US fleet of over 90 nuclear reactors.
Before a deadline on Friday, Congress is trying to pass the fundamental legislation that will keep the government from shutting down partially.