NEW YORK, May 3. /TASS/. The US government’s ban on uranium supplies from Russia will have a negative effect on the economy of the United States because it will be very hard to substitute it overnight, Navigator Principal Investors CEO Kyle Shostak has told TASS.

"I would like to mention the legislative ban on deliveries of enriched uranium from Russia for the needs of the US nuclear industry. It is worth mentioning that Russia is a major supplier of enriched uranium to the US market, accounting for nearly one quarter of all deliveries. Clearly, it will be very hard to replace such volumes within a very short period of time. It is not for nothing that the bill contains exemptions until 2028, which the US Department of Energy will refer to when justifying the need to continue purchases," he said.

"I see a clear negative effect for the US economy here, because the search for comparable volumes of enriched uranium will take a lot of time and will entail large transaction costs," the US investor added.

The US Senate unanimously approved a bill banning the import of enriched uranium from Russia on April 30, after it was passed by the House of Representatives. The document is yet to be signed by US President Joe Biden, but the White House has already signaled its support for the bill.

It envisages a ban on Russian uranium imports to be introduced 90 days after the bill comes into force. Temporary exemptions will be in force until January 2028.