Experts assess the growth of China's purchases of enriched uranium from Russia

China, by increasing purchases of enriched uranium from Russia, may be trying to build up its stockpile. This may be influenced, among other things, by a possible increase in the cost of the resource, the development of nuclear energy and the restructuring of supplies from Russia to alternative markets. Igor Yushkov, a leading analyst of the National Energy Security Fund, an expert and lecturer at the Financial University under the Government of the Russian Federation, told Izvestia on November 19.

Earlier in the day, RIA Novosti reported that according to their calculations, according to Chinese customs data, China increased imports of Russian uranium more than threefold in January-October. It was noted that if the dynamics continue, the country will become the main buyer of uranium from Russia at the end of the year.

According to the expert, China may be forming a stockpile of enriched uranium in advance against the background of US restrictions on supplies from Russia, as Washington's actions may lead to an increase in prices for the resource on the world market.

"Maybe China is forming stocks for its growing nuclear power industry, because China is already the world leader in the number of nuclear reactors. The country continues to actively build them. Therefore, China needs a lot of nuclear fuel, and it buys uranium," Yushkov said.

As the expert noted, according to another version, Russia is rebuilding supplies to alternative markets. He suggested that the trend of increasing China's purchases of Russian uranium will become sustainable.

"Russia is one of the few countries that possesses uranium enrichment technology. There are not many such producers in the world. We can sell both raw and enriched uranium at sane prices. Thus, we can provide China with a competitive bid for supply," he added.

Stanislav Mitrakhovich, a leading expert of the National Energy Security Fund and the Financial University under the Government of the Russian Federation, reminded that Russia is the world leader in the production of enriched uranium, so Russia's share of the world market cannot be removed so easily, including by sanctions. Moscow has shown its readiness to respond to the West's actions.

He noted that the reasons for China's increased purchases of enriched uranium from Russia may be due to its further exports to the United States, among other things.

Earlier, on November 19, Igor Yushkov, a leading analyst of the National Energy Security Fund, an expert and lecturer at the Financial University under the Government of the Russian Federation, told Izvestia that Moscow's restrictions on enriched uranium supplies to Washington will lead to an increase in uranium prices in the United States, as well as reduce the profitability of American nuclear power plants (NPPs). He specified that in 2023 Russia was the largest supplier of the resource to the US.

The Russian government imposed temporary restrictions on the export of enriched uranium to the United States, the press service of the Cabinet of Ministers reported on November 15. The decision was made on the instructions of Russian President Vladimir Putin. It was a response to the U.S. restriction on uranium imports from Russia until 2027.

Kremlin spokesman Dmitry Peskov said on November 18 that such a government decision would not harm Russian interests and was "absolutely mirror response measures."