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China is on track to become the largest importer of uranium from Russia this year, with purchases tripling compared to the previous year. This development comes as Moscow imposed a ban on uranium exports to the US in retaliation for sanctions.
According to Russian customs data, China imported $849 million worth of uranium in the first ten months of 2024, a 3.2-fold increase from the same period last year. October alone saw imports valued at $216 million, double that of the previous month.
South Korea has also significantly increased its uranium imports from Russia, reaching a value of $650 million, becoming the second-largest importer.
Meanwhile, the US, which was Russia’s largest customer in 2023, has seen its purchases drop to $574 million, just a third of what it used to be, falling to third place among Russia’s customers.
According to the US Energy Information Administration, in 2022, Russia was the top foreign supplier of enriched uranium for US commercial nuclear reactors, accounting for nearly a quarter of the total. Notably, 19% of electricity in the US is generated by nuclear power plants.
This shift occurs as Russia tightens its uranium export policies in response to US sanctions. Russia’s ban applies to enriched uranium shipments to the US, including transactions through third parties under US jurisdiction. Exceptions are made only for specially licensed shipments that align with Russia’s national interests.
Uranium prices have declined over the past year (Source: Trading Economics)
China’s increased uranium imports from Russia reflect not only economic decisions but also the strengthening strategic ties between the two nations. As Beijing focuses on advancing nuclear technology, importing uranium from Russia ensures a stable energy supply and reduces reliance on Western sources.
Russia currently leads the world in uranium enrichment, accounting for nearly half of global capacity. With an estimated market share of 40% and annual exports worth $2.7 billion, Russia plays an irreplaceable role in the global uranium market.
During a government meeting in September, Russian President Vladimir Putin emphasized that some countries continue to stockpile Russian resources while imposing sanctions. He also proposed restricting exports of strategic raw materials, including uranium.
Russia’s changing energy policies are reshaping the global energy landscape. While the US and Europe seek to reduce their dependence on Russian energy, Moscow has found promising alternative markets in Asia, particularly in China and South Korea.
Reference: RT
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