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The U.S. Senate has unanimously passed a ban on imports of Russian %Uranium, pushing uranium prices higher as a result.

The bill bans the import of unirradiated, low-enriched uranium from Russia, but establishes a waiver system through the end of 2027 for nuclear power plant operators that don’t have viable alternative sources of fuel.

The ban is in response to Russia's invasion of Ukraine and is expected to come into effect 90 days after it is signed into law by U.S. President Joe Biden later this week.

The spot price of mined uranium rose $3 U.S. to $92.50 U.S. a pound on news of the ban.

The spot price of the gas form of uranium needed for enrichment rose $8 U.S. to $302 U.S. per kilogram.

The legislation that bans Russian uranium imports also includes $2.72 billion U.S. in government funding to support domestic uranium enrichment capabilities across America.

Nuclear industry officials have said that reactors in America cannot wean themselves off Russian enriched uranium without an expansion of U.S. capacity.

Russia was, until recently, the only commercial supplier of high-enrichment uranium.

The Nuclear Innovation Alliance, an industry group, said in a statement that the ban on Russian uranium imports “marks a significant milestone in catalyzing a robust, domestic commercial uranium fuel supply chain to support current and future nuclear reactors.”