The UK-based non-profit organization Centre for Strategic Advantage (CSA) analysis-based financial daily Financial Times reported on Monday that by 2040 Moscow could control about 36% of the world’s mined uranium resources, reports the portal TVP World.
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In 2024, Russia mined about 5% of the world’s mined uranium. However, considering its international activities, the country controls nearly a quarter of the world’s uranium resources, the report states.
Uranium is a vital component in the production of nuclear fuel. Kazakhstan, Canada, and Namibia are currently the three largest uranium producers in the world. This mineral is also essential for Europe’s energy transition process, as nuclear energy provides a stable source of low-carbon electricity and is an integral part of the European Union’s efforts to achieve net zero carbon dioxide emissions by 2050.
According to Euratom data, in 2024 Moscow supplied about 15% of the uranium consumed in the European Union. However, experts warn that this dependence could pose increasing geopolitical risks for Europe.
“By 2040, our dependence on uranium mined in Russia could become similar to our dependence on Russian oil and gas in 2022,” CSA special projects director Gareth Heywood told the Financial Times.
According to CSA, experts predict a possible uranium supply deficit in the coming years, as prolonged low uranium prices have led to mine closures and reduced exploration investments.
Meanwhile, Russia is taking steps to strengthen its control. The Russian state nuclear energy company Rosatom’s subsidiary Uranium One holds large mining stakes and operates in Kazakhstan, where about 40% of the world’s uranium is mined.
Russia is also developing uranium mines in Tanzania and Namibia. Last year, Moscow also signed an agreement with Niger on cooperation development and eventually opening new uranium mines.
