Why the US and Europe still buy Russian nuclear fuel

illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below

🗞️ Driving the news: The West, led by the US and Europe, has curtailed Russian fossil fuel exports in response to the invasion of Ukraine
• Yet, Russia's Rosatom Corp. remains a leading force in nuclear energy, supplying about 50% of the world's enriched uranium demand

🔭 The context: Following the Fukushima incident, Western nuclear capacities waned
• Meanwhile, Russia, through Rosatom, expanded its presence across the nuclear supply chain
• As firms like Areva SA and Westinghouse Electric Co. struggled financially, Russia seized the opportunity to boost its market dominance

🌎 Why does it matter for the planet: Russia's dominance poses a dependence risk for numerous nations
• Former Soviet satellites largely rely on Rosatom for fuel, and the EU gets around 30% of its enriched uranium from Russia
• Moreover, in 2022, Russia supplied the US with about 25% of its enriched uranium

⏭️ What's next: Western nations are acting to lessen their dependence on Russia through collaborative supply chain efforts and incentives for new providers
• The US has dedicated $700 million to domestic fuel supply growth, however, a total transition could span about five years

💬 One quote: "While Western countries each possess individual parts of the nuclear fuel supply chain, no single nation can compete with its [Russia's] brand of vertical integration." (Rosatom Statement)

📈 One stat: Despite global efforts to diversify, in the year following its invasion of Ukraine, Rosatom's exports surged by over 20%, making new agreements in emerging markets

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