FT: Russia could control over third of global uranium production

Russia could gain control over 36% of global uranium production over the next 15 years, the Financial Times (FT) reports, citing calculations by the Centre for Strategic Advantage (CSA).

According to the outlet, this would put the West’s energy security at risk amid a sharp increase in demand from new nuclear power plants.

The report states that Russia produced around 5% of the world’s uranium in 2024. However, as the CSA notes, “domestic production masks the nation’s much greater international operations.”

According to the centre, once Russia-controlled mines outside the country are taken into account, its share of global production capacity already stood at nearly a quarter in 2024. In particular, Russia is developing uranium deposits in Tanzania and Namibia through Uranium One. Last year, it also signed an agreement to expand cooperation with Niger.

“By 2040, we could be looking at a dependency on Russian-mined uranium akin to our reliance on Russian oil and gas in 2022,” CSA analyst Gareth Heywood said.

By Jeyhun Aghazada