Uranium futures fell to $78 per pound, near the one-year low of $77 touched on November 8th to quickly erase the short-lived rally that lifted futures to $82, as markets reconsidered the impact of Russian export restrictions on nuclear fuel. Moscow banned sales of enriched uranium to the US in response to Washington’s decision to ban imports of Russian nuclear fuel. Still, restrictions from both parties are flexible and allow waivers in case of tight market conditions, limiting the jeopardy that the policies place on global supply. According to the latest data, Russia is responsible for nearly half of the world’s uranium enrichment capacity, and a large portion of European utilities have already voluntarily shunned Russian supply following the start of the war in 2022. On the demand front, low wind in Germany and pricier natural gas in Europe drove French nuclear power output to rise to its highest since 2015.