Russia has a
significant market share in many of those pieces of the nuclear supply chain through its state-owned nuclear company
Rosatom. For that reason, various countries around the world are caught in a challenging situation, including the U.S. They may want to extricate themselves from buying nuclear energy supplies from Rosatom to reduce supply chain risk and to stop sending money to Russia, but at the same time, they currently rely on Russian services and materials to run their reactors.
As we [authors] laid out in
a paper last month from the Center on Global Energy Policy at Columbia University, various U.S. allied countries have Russian reactors in operation or under construction, including Finland, the Czech Republic, Turkey and Ukraine. Those countries are at risk of their Russian-built reactors having operational difficulties or even outages without materials, equipment and services to maintain them. However, various Western manufacturing companies can over time start producing replacements to overcome that supply challenge.
The more critical issue is the uranium fuel supply chain. Since Russia only mines
6 percent of the world’s uranium, it is relatively easy for countries and nuclear power plant owners to secure other global sources of uranium ore. However, Russia controls
40 percent of the global uranium conversion market, where uranium oxide “yellow cake” is converted into uranium hexafluoride — a gaseous form needed for the enrichment process.
Natural uranium has a Uranium-235 isotope content of 0.7 percent, and the enrichment process increases the U-235 content to the 3-5 percent needed to run nuclear reactors. And Russia holds
46 percent of uranium enrichment capacity. The vast majority of the 439 reactors around the world require enriched uranium fuel, . . . .