Uranium Showdown: Kazakhstan Threatens to Cut Off Europe Amid Anti-Russian Sanctions
Kazakhstan Considers Halting Uranium Exports to Western Countries Amid Sanctions
Kazakhstan is contemplating a significant shift in its uranium export policy due to the sanctions imposed on the Russian Federation. The country’s national atomic company, Kazatomprom, is facing substantial challenges in supplying uranium to the European Union.
According to Meirzhan Yusupov, the head of Kazatomprom, the restrictions on Moscow have made it increasingly difficult and expensive to transport uranium to the EU. Traditionally, the company relied on the St Petersburg route, but this is no longer a viable option.
Kazatomprom is the world’s largest uranium producer, accounting for approximately 43% of global production. The company is now exploring alternative routes, including one through Azerbaijan, but this comes at a significantly higher cost.
As a result, Kazatomprom may seek more profitable markets for its uranium exports. Russia and China are potential buyers, and the company is likely to prioritize these markets over the EU.
Kazatomprom has an impressive portfolio of 26 uranium deposits under development, with proven reserves totaling 312.9 thousand tons. In 2022, the company’s exports were distributed across various regions, with 50% going to Asia-Pacific countries, 23% to the USA, and 27% to Europe.