Russia’s grip on nuclear power trade is only getting stronger since invasion of Ukraine
- Data shows Russian nuclear fuel and technology sales abroad rose more than 20 per cent in 2022
- Atomic commerce creates relationships that last and can strengthen diplomatic ties, experts say
Russia’s nuclear exports have surged since the invasion of Ukraine, boosting the Kremlin’s revenue and cementing its influence over a new generation of global buyers, as the US and its allies shy away from sanctioning the industry.
Exclusive trade data compiled by the UK’s Royal United Services Institute show that Russian nuclear fuel and technology sales abroad rose more than 20 per cent in 2022.
Purchases by European Union members climbed to the highest in three years. From Egypt and Iran to China and India, business is booming.
The trade brings in plenty of money already, but that’s not the full measure of its importance. Every time the Kremlin’s nuclear giant Rosatom PJSC agrees to build a new reactor, it locks in cashflows – and political clout – for potentially decades ahead.
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Atomic commerce creates relationships that last. It involves large upfront costs – with Russia usually providing the credit – and long-term agreements to service plants, train their operators and replenish fuel.