Centrus Energy (LEU) stock plummeted over 5% in pre-market trading on Tuesday, following the news that Russia has canceled the license for its company TENEX to export low-enriched uranium to the U.S. through the end of 2025.
The move by Russia, the world's largest supplier of enriched uranium, comes after the U.S. had previously banned Russian uranium imports. TENEX is now required to obtain specific export licenses from Russian authorities to fulfill remaining 2024 shipments and all 2025 shipments to the U.S.
Centrus warned that if TENEX is unable to secure the necessary export licenses, it would affect the company's ability to meet delivery obligations to its customers. As Centrus relies on imports of low-enriched uranium for its operations, the Russian export restrictions pose a significant challenge to the company's business.
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