Uncertainty over whether the European Union will ban Russian nuclear fuel is delaying investment in Europe's uranium enrichment industry, Urenco's CEO said, with the bloc still to rule on the matter despite a vow to cut dependence on Russian energy.
More than four years since Russia's full-scale invasion of Ukraine, nuclear fuel from Russia remains exempt from EU import bans or sanctions, despite the bloc introducing restrictions on its oil and gas.
The European Commission said in May 2025 it would propose a phase-out of Russian nuclear fuel, but has still not done this.
"We need political guidance of what societies want from us. In Europe, that is missing. In the UK, we got it. In the U.S., we got it. Not in Europe," Boris Schucht said in an interview.
Asked whether this was costing Europe investments in uranium enrichment capacity, Schucht said, "Yes, of course it does".
"It's very difficult to make investment decisions when you know there are large over-capacities on the Russian side and they could easily come back," he said.
A European Commission spokesperson said work was "ongoing" on measures targeting Russian nuclear energy, but declined to say when this proposal would come. "The Commission is determined to phase out all Russian energy from Europe’s energy system," the spokesperson said.
INVESTMENT IN EUROPE REQUIRES CLARITY, CEO SAYS
Urenco is among the world's largest uranium enrichment companies, and is expanding capacity across its sites in Britain, Germany, the Netherlands and the U.S.
But further investments in Europe will depend on whether Russian exports could be redirected from the U.S. to the EU, which could happen if the bloc continues to accept Russian supplies, Schucht said.
"Do the former exports to the U.S. arrive in a few years in the EU? Then it does not make sense for us to expand our plans in the EU," he said.
The U.S. has an upcoming 2028 ban on Russian uranium, and this year committed $2.7 billion in public support to expand domestic uranium enrichment. The UK banned most Russian uranium imports in May.
Schucht said it was not up to industry to advise on whether to ban Russian nuclear fuel, but Western companies would be able to adapt their operations to cover short-term demand if the EU did this.
EU officials told Reuters there was little political appetite to soon propose the ban, which is expected to meet opposition from big buyers of Russian nuclear fuel such as Slovakia, Hungary and France.
France imported 39% of its enriched uranium from Russia in 2025, customs data showed. Russia provided 23% of the EU's uranium enrichment services in 2025 and supplied 16% of the bloc's natural uranium, EU data show.
Urenco's order book grew by 28% in the first half of 2026, up €6 billion ($6.92 billion) from the end of 2025, financial results published on Thursday showed, with lifetime extensions of existing nuclear plants and demand for energy generation to serve data centres boosting orders.
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