XM does not provide services to residents of the United States of America.

China pushes back on US probe of uranium exports



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>China pushes back on US probe of uranium exports</title></head><body>

BEIJING/WASHINGTON Sept 18 (Reuters) -The Chinese government on Wednesday pushed back on a U.S. probe of whether China is helping its neighbor Russia dodge a U.S. ban on Russian uranium imports saying Beijing has always opposed "illegal unilateral sanctions".

Reuters reported exclusively on Tuesday that the U.S. Department of Energy and other relevant agencies are closely tracking the imports from China to "ensure the proper implementation" of the ban on Russian enriched uranium that President Joe Biden signed in May.

The U.S. is concerned that China is importing and using Russia's uranium in its own power plants, and then exporting domestically produced uranium to the United States – effectively undermining the U.S. ban that is intended to deprive Moscow of revenue for its invasion of in Ukraine.

The Chinese foreign ministry said in response to questions from Reuters that "China has always opposed any illegal unilateral sanctions and 'long arm jurisdiction'". The comments included no denials that the shipments could circumvent the ban.

"The cooperation between China and Russia is an independent choice made by two sovereign countries based on their respective development needs, openly and honestly, without targeting any third party, and without being interfered or obstructed by any third party," the ministry said.

It said China is willing to continue "normal economic and trade cooperation" with countries around the world, including Russia.

China's comments reflect tensions between Washington and Beijing over Russia's war on Ukraine. The U.S. ban, which fully blocks the imports Russia's state owned nuclear company in 2028, is part of a slew of sanctions on Moscow over its war on Ukraine.

The boost in enriched uranium shipments from China and potential circumvention of the ban, has also concerned the U.S. uranium fuel supply chain industry which got a $2.7 billion boost in public funding in Russian import ban law.

The U.S. has a couple of options to push back against the shipments if it finds that China is circumventing the ban, though either one could take time. It could either boost tariffs on imports of enriched uranium from China, which currently stand at 7.5%, or Congress could expand the ban on uranium from Russia to include China.



Reporting by Timothy Gardner in Washington and Ryan Woo in Beijing; editing by David Evans

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.