China increases uranium shipments from Russia by three times

(MENAFN) China is set to become the largest importer of Russian nuclear fuel this year, with its uranium imports from Russia increasing by 3.2 times compared to last year, reaching $849 million over the past ten months, according to customs data. October alone saw imports double from September to $216 million. South Korea has also increased its imports, totaling $650 million, making it the second-largest importer. In contrast, US imports have dropped by nearly a third, with only $574 million worth of Russian uranium purchased over the same period, falling to third place.

The US, which was Russia's top customer for uranium in 2022, reduced its purchases after announcing a ban on Russian low-enriched uranium earlier this year, though some exceptions are allowed. In retaliation, Russia banned uranium exports to the US, including shipments to other countries with ties to American jurisdictions, unless granted special licenses. Russia controls nearly 40% of the global uranium market, with its uranium enrichment complex being the largest in the world.

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