China breaks record with its highest ever uranium purchases from Russia

China Sets New Record for Uranium Imports from Russia, Economists Warn of Dependence Risks

In May 2024, China broke its previous record for importing uranium and other radioactive materials from Russia, with purchases totaling $233 million. This surge in imports marks the highest volume since 2015, signaling China’s increasing reliance on Russian supplies for its growing nuclear energy sector.

The significant increase in supply volumes from April to May 2024, which grew 3.4 times to $70 million, primarily consisted of enriched uranium worth $231.5 million. This spike in imports reflects China’s efforts to secure stable and substantial sources of uranium for its energy needs.

Economists like Alexander Okhrimenko warn that while China’s partnership with Russia in uranium supplies brings economic benefits, it also poses risks of long-term dependence. Russia’s dependence on China as a key market for its raw material exports could lead to potential challenges if China reduces purchases in the future.

Despite the risks, experts predict that China will continue to increase uranium purchases from Russia, possibly even shifting away from imports from other countries. The allure of significant discounts provided by Moscow, estimated at around 30%, makes Russian energy resources an attractive option for the Chinese market amid global competition.

As China strengthens its ties with Russia through uranium imports, it is essential to assess the sustainability and balance of this partnership to navigate potential challenges in the future. The fate of Russian enterprises heavily relying on Chinese purchases underscores the importance of strategic planning in maintaining a stable and mutually beneficial relationship between the two countries.