Uranium mining stocks gain as US weighs sanctions on top Russian supplier

Leningrad II nuclear power plant (Image: Rosatom) No final decision has been made and the White House is consulting with the nuclear power industry about the potential impact, said the people, who were granted anonymity to discuss private deliberations.

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 […]

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