Uranium Shell Game: Sanctions Loophole

This podcast examines a complex geopolitical shell game wherein China appears to be facilitating the entry of Russian uranium into the United States despite formal trade bans. Data reveals that while the U.S. has prohibited direct imports from Russia, Chinese enriched uranium exports to the American market surged by over 4,000% between 2020 and 2024. This trend mirrors a massive spike in Russian shipments to China, suggesting a “displacement” mechanismwhere Beijing imports Russian fuel for domestic use to free up its own supply for high-premium export to the West. Federal agencies like the Department of Energy and National Security Council are currently investigating these flows to determine if they constitute illegal circumvention of sanctions. The reports highlight a strategic paradox: the U.S. is investing $2.7 billion to rebuild domestic enrichment capacity, yet remains temporarily dependent on adversarial supply chains to keep its nuclear grid operational. Ultimately, we argue that this “supply crunch” is a politically managed crisis, as global enrichment markets actually maintain a significant overcapacity.