The US is considering a ban on Russian uranium but has temporarily allowed settlements in the energy sector with Russian banks.

The Biden administration is considering banning the import of enriched uranium from Russia. Bloomberg writes that negotiations are ongoing, but no decisions have been made yet.

Data from the US Department of Energy show that Russia has delivered almost 25% of its enriched uranium to the US, making it the number one foreign supplier. Those sales earn Russia about $1B a year, and the White House has said dependence on Russian uranium “poses risks to the US economy.”

The G7 countries agreed to work on reducing their dependence on Russian products for their nuclear energy needs.

At the same time, the US Treasury Department has allowed transactions with Russian banks, including VTB, Central Bank, Sberbank, and Alfa-Bank, for settlements in the energy sector until November 1, 2024. Transactions related to the extraction, production, processing, liquefaction, transportation, or purchase of oil and several other energy resources, including LNG, timber, coal, and uranium, will be considered energy-related.