Uranium stocks surge as Russia unveils US export restrictions
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The news: Uranium companies led gains in early trading on the ASX, after Russia imposed temporary restrictions on the export of enriched uranium to the US on Friday.
The numbers: Uranium miners Deep Yellow (8.3%), Boss Energy (7%) and Paladin Energy (5.6%) made up three of the top four performing stocks across the ASX 200 by 11am AEDT.
The context: Russia said the temporary restrictions were a response to the US ban on imports of Russian uranium, announced earlier this year, though there are waivers allowing for shipments to continue in case of supply concerns until 2027, Reuters reported.
The move from Russia follows comments by president Vladimir Putin in September, when he asked his government to consider limits on exports of commodities such as uranium, titanium and nickel in retaliation to western sanctions.
Russia is the world's largest supplier of enriched uranium and accounted for 27% of supply to US commercial nuclear reactors last year.
