Executive Summary
| Through its state company Rosatom, Russia is the world leader in nuclear power export markets. The company controls almost half of the world uranium processing and enrichment market and holds 70% of the reactor export market. Setting aside some cancellations following Russia’s invasion of Ukraine, Rosatom’s portfolio of foreign orders appears stable at about $200 billion. |
| In addition to its commercial role, Rosatom is a foreign policy instrument that may advance Russian strategic interests by establishing long-term official and commercial ties with governments and businesses in customer nations. Rosatom offers one-stop shopping for design, construction, fuel, training, maintenance, and spent fuel processing as well as attractive financing. The company generally has strong support from Russia’s government. |
| The United States and several European Union (EU) member countries import nuclear fuel from Rosatom and have been reluctant to impose stiff sanctions on the company that would compare to sanctions on Russian oil and gas firms. Eighteen Soviet-era nuclear reactors are operating in Bulgaria, the Czech Republic, Finland, Hungary, and Slovakia. In addition, France imports Rosatom’s uranium products to manufacture nuclear fuel, some of which goes onward to other EU countries. |
| While some of Rosatom’s prewar aspirations for growth may no longer be realistic, and while the company is losing some business in the West, Rosatom appears to be largely on track with its non-Western projects, which comprise the bulk of the company’s business. Reducing Rosatom’s global role will not be quick, easy, or cheap. |
You can find the full version of the Working Paper on the EURP website here.
