UK Report Says Russia's Uranium Supply Share Could Rise to 36% by 2040

The UK-based non-governmental organization Center for Strategic Advantage (CSA) recently released a report stating that if countries advance uranium production according to existing plans and operate all deposits at full capacity, Russia's share of global uranium supply could rise from roughly one-quarter at present to 36% by 2040.

The report argues that Western countries face issues such as insufficient investment and delays in permitting new mine development, making it difficult to meet future demand. Meanwhile, Russia's uranium mining capacity is expected to continue growing. Project director Gareth Heywood stated that by 2040, some countries' dependence on Russian uranium production could approach the level of their dependence on Russian natural gas and oil around 2022.

The report also noted that Russia remains a key supplier of nuclear fuel to Europe and is advancing related projects in Tanzania and Namibia. Last year, Russia also signed an agreement with Niger to expand bilateral cooperation in uranium mining.

In 2024, U.S. President Joe Biden signed legislation banning the import of unirradiated low-enriched uranium from Russia. The law also provides for waivers under specific circumstances, allowing related purchases to continue until January 2028.