Moscow previously banned the export of strategically important nuclear fuel to Washington
Beijing is poised to become the largest importer of Russian nuclear fuel this year, following Moscow’s ban on enriched uranium exports to the US in retaliation for Washington’s selective restrictions.
Over the past ten months, China has purchased $849 million worth of enriched uranium from Russia – a 3.2-fold increase compared to the same period last year, according to customs data analyzed by RIA Novosti. In October alone, its imports doubled from September, reaching $216 million.
South Korea has also increased its purchases to $650 million over the same period, becoming the second-largest importer of nuclear fuel from Russia.
The United States, which was Russia’s main customer last year, has reduced its purchases by almost a third, importing $574 million worth of Russian nuclear fuel in nine months, dropping to third place.
Earlier this year, Washington announced a ban on purchasing Russian low-enriched uranium but allowed the Department of Energy to issue waivers until 2028 in cases where no alternatives exist or if the shipments are deemed “in the US national interest.” In 2022, Russia was America’s top foreign supplier, providing almost a quarter of the enriched uranium that fueled US commercial nuclear reactors, according to the US Energy Information Administration.
In response to Washington’s selective restrictions, Moscow last week banned enriched uranium exports to the US altogether, including shipments to other countries under foreign trade agreements with entities registered within American jurisdiction. Exceptions will be made only for supplies under one-time licenses approved by the Federal Service for Technical and Export Control and only if they align with Russia’s own “national interests.”
Russia hosts the world’s largest uranium enrichment complex, accounting for almost half of global capacity. Moscow’s share of the enriched uranium market is estimated to be around 40%, with an export value of $2.7 billion.
President Vladimir Putin told a government meeting in September that some countries are happily stockpiling Russian resources and goods while imposing restrictions on Moscow. He suggested limiting exports of certain strategically important raw materials, including uranium, to the global market in response to Western attempts to block Russia’s access to foreign-made products.