Russia’s nuclear exports have surged since the invasion of Ukraine, boosting the Kremlin’s revenue and cementing its influence over a new generation of global buyers, as the US and its allies shy away from sanctioning the industry.
Exclusive trade data compiled by the UK’s Royal United Services Institute show that Russian nuclear fuel and technology sales abroad rose more than 20% in 2022. Purchases by European Union members climbed to the highest in three years. From Egypt and Iran to China and India, business is booming.
The trade brings in plenty of money already, but that’s not the full measure of its importance. Every time the Kremlin’s nuclear giant Rosatom PJSC agrees to build a new reactor, it locks in cashflows — and political clout — for potentially decades ahead.
