Australia and India Close To Signing Uranium Deal

Australia’s prime minister said Wednesday that he will sign a uranium export deal with India for peaceful power generation this week, but added that exports of the nuclear fuel to Russia have been banned until further notice.

Prime Minister Tony Abbott told Parliament he would sign a nuclear cooperation agreement with newly elected Indian Prime Minister Narendra Modi during a three-day visit to Mumbai and New Delhi which officially starts Thursday.

“My hope … is to deepen the friendship between Australia and India at a time of renewed optimism in India under the new government of Prime Minister Modi,” Abbot told Parliament ahead of his first visit to India as prime minister.

Abbott declared an official end to the uranium trade with Russia in response to a call from the minor Greens party for uranium to be included in trade sanctions triggered by Russian military intervention in Ukraine.

“There will be no Australian uranium sales to Russia until further notice,” Abbott said.

“Australia has no intention of selling uranium to a country which is so obviously in breach of international law as Russia currently is,” he said.

The uranium export ban on Russian will have no immediate effect, although it bolsters opponents’ argument that the deal had always been a mistake.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza