The prices of coal and oil have also risen, but it is uranium that is likely to see the greatest long-term impact from the outbreak of war in eastern Europe.

Russia accounted for 16.5% of the uranium imported into the US in 2020.

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.

While the attack on Ukraine has caused a price spike in a broad array of commodities, Russia’s share of metals supply is greatest for uranium and palladium. 

The US power industry relies on Russia and its allies Kazakhstan and Uzbekistan for roughly half of the uranium powering its nuclear power plants.

The United States relies on Russia and its allies Kazakhstan and Uzbekistan for roughly half of the uranium powering its nuclear plants.