US and Canadian companies set to soar on Russian uranium ban

He believes Russian uranium, which still accounts for about 50% of US consumption, will soon be banned in retaliation for Russia’s invasion of Ukraine. “They did it for oil and gas, but they didn’t do it for uranium. But it is coming. It’s done. It will happen,” he said.

According to Clark, in the United States there is broad political support for banning all but a minority of parties. “It’s going to lift and make US and Canadian uranium companies very, very attractive,” the analyst said.

“They still depend on Russian uranium, but the ban is coming. It will make American and Canadian businesses all the more attractive,” he said.

Clark said Uranium Energy Corp (NYSE American: UEC) and enCore Energy (TSXV: EU; USOTCQB: ENCUF) could benefit from the move. He holds important positions in both companies, which are in pre-production.

“Not only will they be more favored because of bandwidth, whenever it comes, but they’ll also be in production next year,” Clark said.

Clark also pointed to Boss Energy (ASX:BOE) in Australia and Fission Uranium Corp. (TSX: FCU) in British Columbia, both of which are expected to go into production next year.