An interesting perspective on Putin's threat. The global market’s reliance on Russia’s uranium does not translate into huge financial gains for Moscow, which makes Mr Putin’s threat all the more dangerous, according to uranium bull Guy Keller.
“The reason I’m taking this announcement extremely seriously is, the total value of Russian exported nuclear fuel in 2023 was less than $US3 billion – that’s just a rounding error for the Russian economy so they’re not going to notice that’s missing,” said Keller, head of Tribeca’s nuclear energy opportunities strategy.
“But 35 per cent of global supply in enriched uranium product is extraordinarily relevant, and the market is definitely going to miss that.”
This comment is also revealing: Mr Putin’s comments come just days after Kazakhstan’s Kazatomprom told the Financial Times that Russia’s war in Ukraine was making it harder for the world’s largest uranium producer to keep supplying the West, particularly given political pressure from Russia and China.
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