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Opinion
Liam Denning

Uranium Primed for a Renaissance If West Bans Russian Supplies

Prices stagnating at $50 a pound could surge with the US debating a move away from Moscow’s exports.

Uranium concentrate, commonly known as U308 or yellowcake.

Uranium concentrate, commonly known as U308 or yellowcake.

Photographer: DANIEL ACKER

Welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Liam Denning examines Russia’s hold on the uranium market and the potential fallout if the US and others ban supplies considered vital to the energy transition. Meanwhile, diplomats in Europe are optimistic they can reach a deal on a price-cap level for Russian oil. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

Unlike most markets, you don’t want too much liquidity for uranium; best to keep that pool of buyers and sellers relatively intimate. Splitting it is a different matter.