en.Wedoany.com Reported - Pressure is mounting within the European Union to ban imports of Russian uranium. The EU has previously phased out Russian oil, natural gas, and coal, but uranium and nuclear fuel services remain deeply embedded in the bloc's reactor fleet. Last year, Russia still accounted for nearly a quarter of the EU's uranium enrichment services, while the state-owned Rosatom continues to supply fuel across the continent. This shift could elevate the position of Canadian suppliers, including Cameco, as utilities race to secure alternative nuclear fuel sources.

A European Commission spokesperson told Mining.com that work on a proposal to phase out Russian nuclear fuel is "ongoing." In 2024, Canada supplied over 30% of the EU's uranium imports, making it the bloc's largest source of uranium fuel. Canadian suppliers are well-positioned to benefit from the EU's trend of reducing reliance on Russian uranium, although some of this shift has already occurred ahead of schedule through self-sanctioning by utilities.

Cameco stated that Canada has been the EU's largest uranium supplier since 2022, and that the company's high-grade, geopolitically secure assets align with utilities' focus on supply security. However, Rosatom controls approximately 43% of global uranium enrichment capacity, far exceeding its competitors. Analysts point out that while uranium mining supply can be diversified within a few years, replacing Russian enrichment services could take up to a decade.

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