The Russian Federation remains a key player in the global nuclear energy and fuel market. The state company “Rosatom” currently controls approximately 65% of the international market for nuclear reactors for power plants. Additionally, Russia maintains its leadership in the field of enriched uranium, providing 44% of global enrichment capacity.
This is reported by Business • Media
The EU and the US Remain Major Buyers of Russian Uranium
In 2023, European Union countries imported about a quarter (25%) of their enriched uranium from Russia. Similarly, the United States also purchased 25% of this vital energy resource from Russia. Last year, exports of enriched uranium from Russia brought the country around 2.7 billion dollars, with the main consumers being the US and the EU. Additionally, sales of reactors and components provided Russia with another 1.1 billion dollars in revenue.
Russia’s Revenue and Diplomatic Influence in the Nuclear Sector
Overall, according to Rosatom itself, in 2023, the volume of the company’s foreign operations exceeded 16 billion dollars. More than 7 billion dollars of this amount came from the construction of new nuclear power plants. In comparison, in 2021, prior to the full-scale aggression against Ukraine, this figure was nearly 9 billion dollars.
“At the same time, more important than financial profits is the diplomatic influence that Russia gains from its clients’ dependence on its fuel and nuclear technologies, experts say.”
Western countries are already implementing a bilateral strategy to weaken Russia’s position in international nuclear diplomacy. They aim to reduce their own dependence on Russian nuclear technologies and raw materials, while also increasing their own presence in the market. In 2023, the US, the UK, Canada, France, and Japan joined forces in the Sapporo Five format, investing at least 4.2 billion dollars in the development of uranium enrichment capacities.