Uranium supply chains face strategic risks amid nuclear energy resurgence

Global uranium supply chains are facing increasing strategic pressure as nuclear energy experiences a resurgence. In Europe, despite efforts to diversify, Russian supplies of uranium, conversion services, and enrichment increased in 2025. Russia accounted for approximately 16% of the European uranium market, 24% of conversion, and 23% of enrichment services.

Canada has emerged as a critical partner for Western energy security. In 2025, Canada provided roughly 37% of the natural uranium supplied to EU utilities, supported by high-grade deposits in the Athabasca Basin.

The United States also faces significant supply challenges. While the US is the world's largest consumer of uranium, it accounts for only 0.4% of global production. In 2025, only 7% of uranium used by US utilities was domestically produced, with major imports coming from Canada (32%), Kazakhstan (28%), and Australia (15%). Projections from the EIA suggest that approximately 91% of expected US uranium demand for 2033 is not yet covered by long-term contracts.