Report: The share of Russian uranium may reach 36% by 2040

This came according to what the Financial Times newspaper reported, citing a study conducted by the consulting company CSA, and according to estimates, even if all countries continue their current, targeted and planned production, and operate all their assets at maximum capacity, the share of Russian uranium may reach 36% by 2040.

The newspaper quoted Garrett Haywood, director of special projects at the company, as saying that the West’s dependence on Russian uranium may become similar to its dependence on Russian oil and gas in 2022 by 2040.

Russian growth in the market comes at a time when the uranium sector is suffering from a shortage in supply, as a result of limited investor interest and the delay in granting licenses to develop new fields, while future demand increases due to the construction of new nuclear plants.

Russia continues to develop uranium mining projects in Tanzania and Namibia, and last year it signed an agreement with Niger to expand cooperation in the uranium sector, which strengthens its presence in the global market.

Last October, the European Commission announced plans to ban the import of Russian uranium to European Union countries, but Russia is still a major supplier of enriched uranium needed to operate European reactors.

In May 2024, former US President Joe Biden signed a law prohibiting the import of uranium from Russia until 2040, with the possibility of exceptions in special cases with the approval of the US Department of Energy until 2028.

Rosatom is a unique company at the global level, as it is the only institution that possesses integrated competencies in the entire nuclear fuel cycle, starting from uranium extraction and enrichment, all the way to the design and construction of nuclear plants, generating electricity, managing radioactive waste, and decommissioning nuclear facilities.