The United States and China have both ramped up their imports of enriched uranium from Russia in May 2024, ahead of a U.S. ban on Russian uranium imports set to take effect in August.

In May, the United States purchased about 91 tons of enriched uranium from Russia, valued at $210 million, according to Russian media reports. This marks the highest amount since March 2023, when imports totaled $246 million. Russian imports accounted for 21.5% of the total enriched uranium the U.S. bought in May 2024.

Interestingly, while China was the largest exporter of enriched uranium to the U.S. in May, it also became the largest importer of Russian enriched uranium, purchasing a multi-year record amount of $233 million. The last time China imported such a large quantity of enriched uranium from Russia in a single month was in 2015.

There is no suggestion that China buys Russian enriched uranium and sells it to the US. The rush to increase imports may have been driven by the expected price surge ahead of the impending U.S. ban.

In response to Russia’s invasion of Ukraine, U.S. President Joe Biden signed a bill in May banning the import of Russian uranium, with the ban set to begin on August 11, 2024. This measure aims to reduce the revenue available to Russian President Vladimir Putin amid the ongoing conflict in Ukraine. The law allows for waivers until January 2028 to mitigate potential supply disruptions.

The Department of Energy emphasized the significance and impact of this measure, saying "the Biden-Harris Administration does not take this decision lightly".

"Russia has roughly 44% of the world’s uranium enrichment capacity and supplies approximately 35% of our imports for nuclear fuel. We recognize that a transition away from Russian-sourced fuel will not happen overnight," said the statement.

Approximately 12% of the uranium used in U.S. civilian nuclear power plants is currently imported from Russia, according to the U.S. Energy Information Administration.