The country also announced a $182 million mineral exploration incentive program.

The rise follows a restriction imposed by Britain on entities and individuals taking physical delivery of Russian-made base metals.

The Energy Department is requesting proposals from US companies to produce a type of fuel known as high-assay low-enriched uranium.

The US is seeking bids from contractors to help establish a domestic supply of a uranium fuel enriched to higher levels.

Udokan planned to launch the first stage of the plant in the second quarter of 2024.

Commodity analysts said technical factors also played a part.

Uranium hit $91 per lb. this week, another record since triple-digit prices in 2007.

Alrosa accounts for over 90% of all Russian diamond production.