US, Europe Navigate Russian Nuclear Fuel Dependence Amidst Ukraine Support
Russia's role in the global nuclear fuel market has seen shifts in recent times. Despite a US ban on imports, Russia continues to supply a significant portion of enriched uranium to American commercial reactors. Meanwhile, several European nations have increased their spending on Russian LNG, raising eyebrows amidst the ongoing support for Ukraine.
In 2024, Russia accounted for 20% of the enriched uranium used in American commercial nuclear reactors. This share, however, has decreased from nearly 27% in 2023, indicating a gradual reduction in dependence on Russian fuel. The USA, aiming to further decrease this reliance, has been working to restore domestic production capacity with allocated funds.
The US ban on Russian reactor fuel imports, signed in May 2024, took effect in August. This ban allows for waivers until 2028, with Constellation Energy Corp. and Centrus Energy Corp. being granted exceptions due to supply chain disruptions and limited domestic alternatives. This move ensures the continued operation of nuclear reactors in the USA.
On the other hand, four EU countries - France, Belgium, Spain, and the Netherlands - paid Russia more for LNG between 2022 and 2025 than they provided in aid to Ukraine. This highlights the complex energy dynamics at play in Europe, where nations balance their energy needs with political and humanitarian considerations.
Russia's role in the global nuclear fuel market remains significant, despite efforts to reduce dependence. The USA continues to work on restoring domestic production capacity, while Europe navigates complex energy politics. The coming years will likely see further shifts in these dynamics as nations seek to secure their energy supplies and support Ukraine.
