28 Sep 2023 19:05

Rosatom fulfilling all obligations to foreign clients on uranium contracts - announcement

MOSCOW. Sept 28 (Interfax) - Rosatom State Corporation is fulfilling its obligations under contracts with foreign customers in full, the company said, commenting on the situation on the uranium market.

The day before, citing Trading Economics, it was reported that uranium prices as of September 25 increased to $70 per pound. As the publication noted, this is the highest price since 2011 (before the accident at the Fukushima nuclear power plant it reached $73, after which the market fell into a long period of depression).

In the summer of 2023, Trading Economics reported difficulties exporting Kazakh nuclear fuel from the ports of St. Petersburg to the United States due to the lack of insurance coverage, supply disruptions and growing fears that geopolitical tensions between Russia and the United States would disrupt supply chains, despite there being no sanctions on Russian uranium.

The port of St. Petersburg is the main route for the export of products from Kazakhstan's Kazatomprom. In the fall of 2022, the company warned that this creates a certain set of risks associated with transit over Russian territory, insurance and delivery by sea vessels.

Trading Economics' report on Wednesday did not mention these difficulties.