Russia’s influence over the world’s uranium supply could expand significantly in the coming years, raising concerns about Western nuclear fuel supplies and energy security, according to a new report. Moscow could control about 36% of global mined uranium resources by 2040, the Financial Times reported on Monday, citing analysis by a UK-based non-profit the Centre for Strategic Advantage (CSA). Russia produced about 5% of the world’s mined uranium in 2024. But when its international operations are taken into account, the country controls nearly a quarter of global uranium resources, according to the report. Uranium is a vital component in the production of nuclear fuel, which is used to power nuclear reactors around the world. Kazakhstan, Canada and Namibia are currently the three largest uranium producers globally. The mineral is also essential to Europe’s energy transition, as nuclear power provides a stable source of low-carbon electricity and is an integral part of the bloc's efforts to meet the 2050 net-zero emissions goal. Geopolitical risk Moscow supplied about 15% of the uranium used in the European Union in 2024, according to data from the Euratom supply agency. Experts, however, warn that this dependence could pose an increasing geopolitical risk for Europe. “By 2040, we could be looking at a dependency on Russian-mined uranium akin to our reliance on Russian oil and gas in 2022,” Gareth Heywood, special project lead at the CSA, told the Financial Times. Russia’s 2022 invasion of Ukraine sent shockwaves through global energy markets, triggering an energy crisis across Europe as oil and natural gas prices surged. Potential deficit?