Uranium ETFs surge after Russia reportedly restricts exports of the commodity to the U.S.

Shares of exchange-traded funds that focus on uranium were surging on Monday after Russia reportedly restricted exports of the commodity to the U.S.

The Global X Uranium ETF, which invests in shares of companies involved in uranium mining, was up 5.1% in afternoon trading, while the Sprott Uranium Miners ETF climbed 5.3%, according to FactSet data, at last check. The VanEck Uranium and Nuclear ETF, which targets companies involved in the nuclear-energy industry, was gaining 4.6% on Monday afternoon.

Reuters reported Nov. 15 that Russia had imposed restrictions on exports of enriched uranium to the U.S., noting that the move creates supply risks for nuclear power plants in the U.S. According to Reuters, Russia said the temporary restrictions were a response to Washington’s ban on imports of Russian uranium, which contained waivers in case of supply concerns.