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The American nuclear industry is getting another boost from Congress with new laws to limit the import of Russian uranium and billions in funding to boost domestic fuel supply.

The recently passed “Prohibiting Russian Uranium Imports Act” aims to limit the importation of Russian uranium into the United States. This legislation is a bipartisan effort introduced in response to geopolitical tensions and concerns over national security and energy independence.

The main objectives of the bill are to end the United States’ reliance on Russian uranium and create a self-sufficient uranium supply. This new legislation should reduce vulnerabilities in its nuclear energy infrastructure and bolster national security.

With this shift, there’s an opportunity for U.S. companies involved in uranium mining and processing to step into the spotlight. The U.S. is home to several mining and processing companies like Cameco Corporation and Uranium Energy Corp, which operate mines and have processing facilities in states such as Wyoming and Texas.

Other companies addressing the domestic fuel conundrum in the United States include Ur-Energy and Energy Fuels, which are both purusing developments in Wyoming and Utah.

The ban on Russian uranium is another step in US efforts to reduce dependencies on foreign markets for critical materials and underscores the emphasis the US has placed on developing domestic supply chains across zero emission sources of energy.

Over the next six years, the Department of Energy expects new reactor designs to come online that should increase demand for fuel both domestically and internationally.

The push towards domestic sourcing should create jobs and possibly stabilize uranium prices in the U.S. market, which could benefit both the energy sector and the broader economy.

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