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1) The US has enforced sanctions targeting Russian mining tycoon Vladislav Sviblov and associated mining entities, including a company involved in developing one of the largest zinc mines. These sanctions, following similiar actions by the UK against Sviblov last month, are part of a series aimed at the Russian metals and mining sector. Sviblov has emerged as a significant figure in Russia's metals landscape, acquiring various mid-sized gold companies and overseeing the construction of the Ozernoye zinc mine in Siberia, poised to become one of the largest. Despite Russia's gold sector being largely cut off from the West due to import bans, the Ozernoye mine had attracted interest from traders like Trafigura Group and Open Mineral bidding for a long-term zinc ore purchase contract. The recent US sanctions not only target Sviblov but also directly impact the Ozernaya Mining Company, prohibiting Western companies from engaging in trade with it. Although two Chinese companies had expressed interest in off-take deals with the mine, the sanctions now limit potential partnerships. Situated in Buryatia near the Chinese border, the Ozernaya mine, expected to contribute 4% of global zinc output at full capacity, faced setbacks due to a significant fire last month, delaying production until at least 2024. In addition to Sviblov, the sanctions extended to other entities such as Highland Gold Mining, GV Gold, Trans Siberian Gold, and Kamchatka Gold.
2) The US House of Representatives has passed a bill aimed at banning Russian uranium imports as a means to increase pressure on Moscow due to its conflict in Ukraine. The bill, yet to go through the Senate and the President's signature, includes waivers for potential supply concerns for domestic reactors. If passed, the bill would enforce the ban 90 days after enactment, with exemptions allowing the import of low-enriched uranium from Russia if no alternative sources are available for nuclear reactor operation or if demand in the national interest by the US energy secretary. The House vote, carried out via voice voting after suspending standard voting rules, reflects concerns about the risks tied to the US's reliance on Russian nuclear fuels. Representative Cathy McMorris Rodgers highlighted how this dependence weakens America's nuclear fuel infrastructure, which has suffered due to reliance on inexpensive Russian fuels. In 2022, accoding to the US Energy Information Administration (EIA), US power plants obtained about 12% of their uranium from Russia, with larget percentages sourced from Canada (27%) and Kazakhstan (25%). In contrast, the US contributed only about 5% of domestically used uranium that year. If waivers are granted, allowed Russian uranium imports would gradually decrease from about 476.5 tons in 2024 to 459 tons in 2027.