EU Uncertainty Delays Uranium Enrichment Investment

Uncertainty over whether the European Union will ban Russian nuclear fuel is holding back investment in Europe’s uranium enrichment industry, Urenco CEO Boris Schucht said. He said the lack of clear political direction makes it difficult for companies to commit to expanding enrichment capacity across Europe.

The EU has yet to follow through on a May 2025 pledge to phase out Russian nuclear fuel, despite having imposed restrictions on Russian oil and gas. Russia supplied 23% of the EU’s uranium enrichment services and 16% of its natural uranium in 2025, while France sourced 39% of its enriched uranium from Russia.

Urenco is expanding capacity in Britain, Germany, the Netherlands and the U.S., but further European investment will depend on the bloc’s policy toward Russian supplies. Meanwhile, Urenco’s order book rose 28% in the first half of 2026, boosted by demand linked to nuclear plant extensions and rising electricity needs from data centres.

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