Europe’s reliance on Russian nuclear fuel increased in 2025

European reliance on Russian nuclear fuel increased in 2025 despite efforts to diversify uranium supplies following Russia’s invasion of Ukraine, according to a report by Sprott Asset Management.

Russian uranium deliveries to European Union utilities rose 7% last year, while conversion deliveries increased 9% and uranium enrichment sales grew 12%, Jacob White, director of ETF Product Management at Sprott, said in the report On the Cusp of a New Contracting Cycle, The Northern Miner writes.

“European utilities must secure alternative uranium supply and fuel-processing capacity to replace Russian material, increasing competition for production from Western and allied suppliers just as existing contracts begin to roll off,” White said.

Russia accounts for a significant share of Europe’s nuclear fuel market, supplying 16% of uranium overall, 24% of conversion services and 23% of enrichment services, according to the report.

The European Union has not imposed restrictions on imports of nuclear fuel from Russia, leaving European utilities exposed to continued reliance on Russian supplies despite efforts to diversify their nuclear fuel chains.

By Sabina Mammadli