Russia to Sell Uranium on World Market

Publish date: December 15, 1997

Written by: Thomas Jandl

Russia's Ministry of Nuclear Energy announced it would terminate a 10-year contract with the United States and begin to sell uranium on the open market, according to the Washington Post. The uranium stems from dismantled nuclear weapons. It was sold to the U.S.-based consortium at a discounted price under the now ruptured contract.

The decision marks yet another step along the learning curve on Russia’s path towards a free-market economy, although this time Washington may be gnashing its teeth about its student’s progress. Russia stands to make an additional $300 million to $500 million from the sale on the international markets.

However, the decision is also a snub at the United States nuclear policy towards Russia. Moscow will no longer "accept discriminatory, unprofitable conditions" for its commercial grade uranium, the Washington Post quoted First Deputy Atomic Energy Minister Aleksandr Belesokhov. The West has a keen interest in keeping tight control over Russian nuclear materials.

The contract between Russia and the U.S.-based buying consortium had been signed as recently as August. The group comprises Cameco mining of Canada, Cogema of France and Nukem of the United States.

More News

All news

The role of CCS in Germany’s climate toolbox: Bellona Deutschland’s statement in the Association Hearing

After years of inaction, Germany is working on its Carbon Management Strategy to resolve how CCS can play a role in climate action in industry. At the end of February, the Federal Ministry for Economic Affairs and Climate Action published first key points and a proposal to amend the law Kohlenstoffdioxid Speicherungsgesetz (KSpG). Bellona Deutschland, who was actively involved in the previous stakeholder dialogue submitted a statement in the association hearing.

Project LNG 2.

Bellona’s new working paper analyzes Russia’s big LNG ambitions the Arctic

In the midst of a global discussion on whether natural gas should be used as a transitional fuel and whether emissions from its extraction, production, transport and use are significantly less than those from other fossil fuels, Russia has developed ambitious plans to increase its own production of liquified natural gas (LNG) in the Arctic – a region with 75% of proven gas reserves in Russia – to raise its share in the international gas trade.