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Russian Share of Global Uranium Supply Projected to Reach 36% by 2040

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A new report by the Center for Strategic Advantage warns that Russia could control up to 36% of global uranium supplies by 2040, as Western nations struggle with investment and permitting delays for new mining projects, media outlets reported on Monday citing the report.

Russia could account for more than a third of global uranium supplies if all prospective and planned production assets are mined at full capacity, according to a report by the British non-governmental organization CSA cited by the Financial Times.

This expansion would elevate Moscow's current market share from nearly a quarter, creating a Western dependency on Russian nuclear fuel akin to historical reliance on Russian oil and gas, the reports said.

The US enacted legislation in 2024 banning imports of Russian low-enriched uranium, with temporary waiver provisions extending through January 2028, the reports said.

Persistent investment deficits and lengthy permitting delays for new deposits have hobbled US domestic production, whereas Russia maintains its position as a major European supplier, it noted.

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