Sanctions Blowback – Uranium Stocks on Fire
Russian economic sanctions are by no means as surgical or precise as the Biden Administration would hope. Sanctions on Russia will negatively impact the United States. There will be blowback. Brace yourself.
From Zero Hedge,
Several weeks ago, when Biden instituted a wholesale ban on Russian energy exports, he explicitly carved out Russian uranium suppliers for the simple reason that the US is very much reliant on Russia for its nuclear power plant needs – after all, Russia is the third-largest source of U.S. uranium, accounting for about 16% of total U.S. imports. It’s what prompted us to ask back on March 9 whether Putin would place enriched uranium on the list of banned Russian exports, and why Uranium stocks soared late last week after U.S. Energy Department signaled more aid for current and future nuclear reactors.
Well, moments ago the very thorny issue of Russian uranium came to a head moments ago when Russia news agency TASS, cited deputy prime minister Novak, who said that Russia is considering a ban on Uranium exports!
Here’s a brief snapshot from Yahoo Finance (3/21/2022) on how some uranium stocks are reacting:
This is just the beginning folks. Commodity prices, including uranium, are likely going much higher for Americans, especially if the Russian sanctions continue. You might want to plan accordingly.