On April 30, the U.S. Senate approved the Russian Uranium Imports Act, which bans the import of low-enriched uranium (LEU) produced in Russia or by Russian entities. This uranium must also not have been in a nuclear reactor. The U.S. House of Representatives has already approved the measure, meaning President Joe Biden is now on the hook for final approval.

“I have fought for years to end America’s reliance on Russian nuclear fuel. Our efforts have finally paid off with passage of our bill to ban these imports once and for all,” said Wyoming Senator John Barrasso.

According to Utility Dive, the ban opens up the door for $2.7 billion in authorized funding to support the domestic production of LEU and high-assay low-enriched uranium (HALEU). That benefits uranium miner Energy Fuels (NYSEMKT:UUUU). And its insiders agree, based on a wave of insider purchases.

UUUU Stock: 11 Insiders Buy Shares

Between May 6 and 7, 11 separate insiders of UUUU stock purchased shares, including the president and CEO:

1. President and CEO Mark Chalmers picked up 16,838 shares worth $98,671.
2. Director Bruce Hansen picked up 6,000 shares worth $34,950.
3. VP of Conventional Operations Logan Shumway picked up 4,000 shares worth $23,360.
4. Director Ivy Estabrooke picked up 1,740 shares worth $10,022.
5. Director Barbara Filas picked up 1,700 shares worth $9,825.
6. Director Alex Morrison picked up 1,600 shares worth $9,242.
7. Director Birks Bovaird picked up 1,000 shares worth $7,850. Bovaird had previously sold 10,000 shares on April 3.
8. VP of Technical Services Daniel Kapostasy picked up 1,015 shares worth $5,984.
9. Senior VP of Marketing and Corporate Development Curtis Moore picked up 1,000 shares worth $5,635.
10. Executive VP, CLO, and Corporate Secretary David Frydenlund picked up 834 shares worth $4,887.
11. VP of Human Resources and Administration Dee Ann Nazarenus picked up 164 shares worth $962.

In total, the purchases amounted to a combined $211,388. During the past year, Energy Fuels insiders have purchased $211,388 of shares while selling $997,156 of shares, for a net of $785,768 of shares sold. UUUU stock is down by about 4% year-over-year and 16% year-to-date.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.