{
  "id": 2406839,
  "title": "Europe relies increasingly on Russia for uranium needs, Sprott says",
  "url": "https://urgent.news/2026/08/21/europe-relies-increasingly-on-russia-for-uranium-needs-sprott-says",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-21T15:35:47.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/europe-relies-increasingly-on-russia-for-uranium-needs-sprott-says/"
  },
  "original_language": "en",
  "account": "European dependence on Russian nuclear fuel rose in 2025, despite attempts to diversify its uranium supply following Russia's invasion of Ukraine, according to a new report by Sprott Asset Management. Russian uranium deliveries to EU utilities increased by 7%, conversion deliveries grew by 9% and uranium enrichment sales climbed by 12% last year, according to the report titled \"On the Cusp of a New Contracting Cycle.\" Jacob White, director of ETF Product Management, emphasized that European utilities need to secure alternative uranium supply and fuel-processing capacity to replace Russian material. This would increase competition for production from Western and allied suppliers as existing contracts near completion. Kazakhstan, the world's leading uranium producer, contributed 20% of the uranium delivered to EU utilities in 2025, but a significant portion of its output already goes to China, Russia and India under long-term contracts. The report highlights the vulnerability of the West's nuclear revival, as governments turn to atomic power for reliable electricity and enhanced energy security. However, expanding reactor fleets will necessitate additional Western uranium mining, conversion and enrichment capacity to decrease reliance on Russia. Kazakhstan's impact on the European uranium market is substantial, comprising 16% of the overall supply, 24% of conversion and 23% of enrichment. The United States relies similarly on Canadian, Kazakh, Australian and Russian uranium, with Kazakhstan supplying 28% of the uranium delivered to U.S. utilities. Despite global uranium oxide contracts totaling 37 million lb. for 2026, up 9% year-on-year for Kazakhstan, producers are unlikely to reserve long-term deliveries unless contract prices compensate for development costs, inflation and project risks.",
  "summary": "Russian uranium deliveries to EU utilities increased 7%, conversion up 9%, and enrichment sales rose 12% last year.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}