On October 5 the U.S. Department of trade and Russian state corporation “Rosatom” signed an amendment to the agreement of 1992 on suspension of antidumping investigation (SPAR) with regard to uranium from Russia that regulates trade in uranium products. The amendment extends the agreement until 2040. This was reported by the international law firm Hogan Lovells, which acted as a consultant in the negotiations.
Amendments to the agreement provide for a phased reduction in U.S. uranium imports from Russia, as well as periodic updating of quotas on imports of direct supplies of uranium to the U.S. market, where there was an anti-dumping duty on Russian low-enriched uranium of 112%, which did not allow the supplier – Techsnabexport – to enter into direct contracts with U.S. energy companies. Exactly this duty was regulated by agreement on suspension of antidumping investigation, writes “Finmarket” agency on October 6.
Amendments to SPAR were made repeatedly. The previous amendment was made in 2008, according to it “Techsnabexport” got an opportunity to gradually increase the share of direct uranium supplies to the American market – up to 20% of annual reactor needs. This amendment expires in 2020.
Three long-term contracts for enriched uranium supply from 2014 to 2020 were signed in 2009 by Techsnabexport and three American companies of Fuelco Energy Group. These contracts were the first to be signed after an amendment to the agreement to suspend the anti-dumping investigation of Russian uranium supplies to the USA in 2008.