Centrus (LEU.US) shares fall after Russia cancels low-enriched uranium export license

Zhitong Finance learned that Centrus Energy (LEU.US) disclosed on Tuesday before the market opened that it received a notice from Techsnabexport (TENEX), a Russian state-owned nuclear fuel supplier, that the Russian government had issued an order to revoke its license to export low-enriched uranium to the United States before 2025. After the announcement, as of the time of writing, the company's stock price fell 3.22% on Tuesday before the market opened.

Centrus said that TENEX is seeking the necessary export licenses but is unsure whether or not the Russian authorities will or when they will issue the licenses. The company said that if TENEX cannot obtain the export licenses, it will affect Centrus' ability to fulfill its obligations to deliver to its customers.

Russia, the world's largest supplier of enriched uranium, said last week that it temporarily restricted the export of enriched uranium to the United States after the United States banned the import of uranium from Russia. TENEX needs specific export licenses from Russian authorities to complete the shipments for the rest of 2024 and all low-enriched uranium shipments in 2025.