Russia to Control Third of Global Uranium by 2040
FT: By 2040, Russia may control more than one-third of the world's uranium production.
Consensus
- Russia will control up to 36% of global uranium mining capacity by 2040.
- In 2024, Russia's domestic uranium production accounted for about 5% of global output.
- Russia controls uranium mining operations abroad through Uranium One, a company linked to Rosatom.
- Uranium One operates in Kazakhstan, Tanzania, Namibia, and has a recent agreement with Niger.
- Analyst Gareth Haywood from CSA stated that by 2040, the West may depend on Russian uranium as it depended on Russian oil and gas in 2022.
- The Centre for Strategic Advantage (CSA) conducted the analysis and projections.
- Western countries have reduced investments in uranium due to low global prices and weak demand.
- The U.S. banned Russian uranium imports in May 2024 but allows exceptions until 2028.
- Sanctions do not apply to uranium mined abroad by Uranium One.
- The EU has not banned imports of Russian uranium.
Points of divergence
- Urenco, a company controlled by the governments of the Netherlands and the UK, stated it wants a clear signal from governments that nuclear energy will be part of long-term energy security strategy before making long-term investments. — meduza
- President Vladimir Putin previously stated that Russia's nuclear energy sector is a source of national pride. — vm
Coverage (3 sources)
- FT: Russia will gain control of one-third of global uranium production by 2040 — Вечерняя Москва
- By 2040, Russia may control a third of the world's uranium production — Meduza
- FT: By 2040 Russia may control more than a third of global uranium production — Коммерсантъ