China has increased its uranium imports from Russia threefold

China is set to become the leading importer of Russian nuclear fuel this year, following Moscow’s prohibition on enriched uranium exports to the United States in response to selective restrictions imposed by Washington.

In the last ten months, China has acquired $849 million worth of enriched uranium from Russia, marking a 3.2-fold increase compared to the same timeframe last year, as per customs data reviewed by RIA Novosti. Notably, imports in October surged to $216 million, doubling from September’s figures.

South Korea has also ramped up its purchases, totaling $650 million during the same period, positioning itself as the second-largest importer of Russian nuclear fuel.

In contrast, the United States, which was Russia’s primary customer last year, has slashed its imports by nearly one-third, acquiring $574 million worth of Russian nuclear fuel over nine months, thus falling to third place.

Earlier this year, Washington implemented a ban on the purchase of Russian low-enriched uranium but permitted the Department of Energy to grant waivers until 2028 in situations where no alternatives are available or if the shipments are considered “in the US national interest.”

In 2022, Russia was the largest foreign supplier to the United States, accounting for nearly 25% of the enriched uranium used in US commercial nuclear reactors, according to the US Energy Information Administration.

In retaliation to the restrictions imposed by Washington, Moscow implemented a ban on the export of enriched uranium to the United States last week. This ban extends to shipments to other nations that are part of foreign trade agreements with entities registered in the U.S. Exceptions will only be granted for supplies under one-time licenses that receive approval from the Federal Service for Technical and Export Control, provided they are consistent with Russia’s national interests.

Russia possesses the largest uranium enrichment facility in the world, which represents nearly half of the global capacity. The country’s share of the enriched uranium market is estimated at approximately 40%, with exports valued at $2.7 billion.

During a government meeting in September, President Vladimir Putin remarked that certain countries are accumulating Russian resources and goods while simultaneously imposing restrictions on Russia. He proposed the idea of limiting exports of specific strategically significant raw materials, including uranium, as a countermeasure to Western efforts to restrict Russia’s access to foreign products.