Senate passes Russian uranium import ban, sending to Biden [Video]

The Senate voted Tuesday evening to approve legislation banning the import of enriched uranium from Russia, sending the measure to the White House which has said it supports efforts to block the Kremlin’s shipments of the reactor fuel.

The Prohibiting Russian Uranium Imports Act, approved by unanimous consent, would bar U.S. imports 90 days after enactment while allowing temporary waivers until January 2028. Biden must sign the bill before it becomes law.

North American uranium mining stocks rose early Wednesday on the vote. NexGen Energy Ltd. gained as much as 9.7% and Cameco Corp. as much as 5.5% as of 9:50 a.m. in New York. The Global X Uranium ETF climbed as much as 5.4% and shares of other miners including Uranium Energy Corp. and Energy Fuels Inc. also rose.

Russia provided almost a quarter of the enriched uranium used to fuel America’s fleet of more than 90 commercial reactors, …