According to The Economist, Russia’s state-owned enterprise Rosatom controls about 65% of the global market for nuclear reactors used in power plants. Russia also leads in enriched uranium, holding 44% of the world’s enrichment capacity. Last year, the EU imported roughly 25% of its enriched uranium from Russia, and in 2023 the US purchased 25% of its enriched uranium from Russia.
In 2023, Russia earned approximately $2.7B from enriched uranium exports – mainly to the US and EU – and an additional $1.1B from reactor and component sales. Rosatom reported that its foreign operations generated over $16B in revenue in 2023, including more than $7B from the construction of new power plants. The foreign operations total increased from just below $9B in 2021, before the invasion of Ukraine.
Beyond financial gains, experts highlight the diplomatic influence Russia derives from its clients’ dependence on its fuel and nuclear technology. However, Western governments are adopting a dual approach to diminish Russia’s nuclear diplomacy, striving to reduce reliance on Rosatom for enriched uranium, fuel assemblies, and related services.