Russian State company moving uranium profits through Netherlands

The Russian state-owned nuclear company Rosatom uses a Dutch subsidiary to move hundreds of millions of euros in profits, NOS reports based on the recently published annual report of Amsterdam-based subsidiary Uranium One Coöperatief.

Europe and other Western states are dependent on the Russian uranium sector and have not dared impose sanctions on Rosatom so far. The company is a major producer of enriched uranium, holding a 35 percent world market share, and nuclear energy. It also plays a role in the war by managing the captured nuclear power plant in Zaporizhia.

Through its Dutch subsidiary, Rosatom extracts nuclear raw materials in Kazakhstan and Tanzania. The proceeds from those countries flow to the Netherlands before being forwarded to Russia. In 2022, the Dutch company made a profit of 240.6 million dollars or 222 million euros. Tens of millions of that amount was transferred to the Russian parent company.

“Russia is a major player in the nuclear sector, “ a spokesperson for Urenco, an Almelo-based company active in the enrichment of uranium, told NOS. “We are seeing a movement of Western companies that no longer want to do business with Russia after the Russian invasion of Ukraine. This has increased the demand for uranium enrichment at Urenco, for example.”

But replacing the Russian part of the chain completely is not yet possible. For example, Russia is currently the only option for recycling used uranium. The former Soviet power plats in the Czech Republic, Slovakia, Bulgaria, Hungary, and Finland are also dependent on Russian fuel rods.

According to research by the Norwegian environmental organization Bellona, European imports of nuclear fuel from Russia doubled last year. Russian uranium is also still ending up in the Netherlands. For example, in February, the Dutch Authority for Nuclear Safety and Radiation Protection (ANVS) granted several permits for the import of recycled Russian nuclear fuel destined for Urenco in Almelo.