Russia could supply over a third of global uranium by 2040, report says

LONDON, September 7. /TASS/. Russia could account for more than a third of global uranium supplies (36%) by 2040, the Financial Times reported, citing a report by the British non-governmental organization Center for Strategic Advantage (CSA).

According to the report, "if all countries went ahead with their existing, committed, planned, and prospective production, and mined each asset at full capacity, Moscow’s share would rise from almost a quarter to 36 percent by 2040."

"By 2040, we could be looking at a dependency on Russian-mined uranium akin to our reliance on Russian oil and gas in 2022," special project lead at the Center Gareth Heywood said.

The report also noted that Western countries are unable to meet demand due to a lack of investment and delays in issuing permits for the development of new deposits, while Russia's uranium mining capacity will continue to grow. According to the FT, Russia remains a major supplier of nuclear power plant fuel in Europe, is developing projects in Tanzania and Namibia, and signed an agreement with Niger last year to expand cooperation in uranium mining.

In 2024, US President Joe Biden signed legislation banning imports of unirradiated low-enriched uranium from Russia into the United States. The legislation provides for waivers through January 2028, allowing purchases from Russia to continue in certain cases.