Russia's role in the uranium market is primarily as a supplier of conversion and enrichment services. In contrast, Russia is a net consumer of unenriched uranium, not a supplier.<p>Loss of access to Russian enrichment facilities (centrifuges, etc.) forces enrichment overfeeding (and higher enrichment tails) at the remaining enrichment facilities. This can dramatically increase demand for unenriched uranium feedstock.<p>Unenriched uranium is a VERY RISKY, VERY VOLATILE commodity with a tiny, thin spot market and an opaque long-term market.<p>To invest in unenriched uranium in America, the best vehicle is the Sprott Physical Uranium Trust, ticker SRUUF:<p><a href="https://www.sprott.com/investment-strategies/exchange-listed-products/physical-commodity-funds/uranium/" rel="nofollow">https://www.sprott.com/investment-strategies/exchange-listed...</a><p>The Sprott Physical Uranium Trust issues shares when it trades at or above the previous day's net asset value (NAV) and uses the raised cash to buy uranium in the spot market.<p>To see monthly spot and long-term contract uranium prices, see Cameco's website:<p><a href="https://www.cameco.com/invest/markets/uranium-price" rel="nofollow">https://www.cameco.com/invest/markets/uranium-price</a><p>Intra-day spot uranium prices are reported here:<p><a href="https://www.yellowcakeplc.com/" rel="nofollow">https://www.yellowcakeplc.com/</a>