BRICS member Russia previously exported significant amounts of Uranium to the US to power its nuclear plant. However, the US stopped importing Uranium from Russia after the Biden administration pressed sanctions against the country for invading Ukraine. The geopolitical tensions between Russia and the BRICS are making the US break free from depending on natural resources from other countries. The US, which is heavily dependent on Russian Uranium, is now looking to end its reliance by finding effective alternative minerals.
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Uranium Battle: The US Fights Russia and Other BRICS Members
The Biden administration is allowing industry players to explore alternative white metals that could effectively replace Russian Uranium. Industry insiders told Oil Price that the White House is looking at Thorium as a safer option than Uranium to power its nuclear plant. The administration is actively hunting for Uranium alternatives, and Thorium is first on the list, said the insider.
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“We’re bearing the costs of an overreliance on Russia for nuclear fuel. And it’s not just us, it’s the entire world,” said Pranay Vaddi, the White House Nuclear Adviser at the National Security Council.
If the US finds home-based alternatives for Uranium, the enrichment factory at the Urenco plant in Eunice, New Mexico, could be expanded. The dependence on Russian Uranium could be significantly reduced by boosting Thorium as a safer alternative. The development could put Russia on the back foot, as importing Uranium could come to a standstill.
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The US is battling Russia, China, and other BRICS members as global trade is being rewritten by the alliance. BRICS is looking to settle cross-border transactions in local currencies putting the US dollar’s prospects in jeopardy.
Only timely actions by the White House could protect the US dollar from being dethroned as the world’s reserve currency. While the first financial battle begins with Uranium, there could be many more commodities that might face similar situations.
