The nuclear energy industry needs to place more uranium enrichment contracts with western providers if it is to reduce its dependence on Russia in the wake of Moscow’s invasion of Ukraine, Grant Isaac, chief financial officer of Canadian uranium company Cameco said during an online discussion with Scotiabank analyst Orest Wowkodaw.

Russia mines only about 5% of the uranium consumed worldwide, but mining is only the first step in turning that fuel into energy. The next step is enrichment, a market in which Russia has about 43% of global capacity, followed by Europe (about 33%), China (16%) and the US (7%).

Russia’s invasion of Ukraine has led to calls in many nuclear countries – including the US, where 93 reactors provide about 20% of the nation’s electricity – to ban Russian enrichment services “right now”, Mr Isaac said.