Rosatom, the Russian state nuclear energy company, uses a Dutch subsidiary to move "hundreds of millions in profits," Dutch media outlet NOS reported, citing a report from Rosatom’s subsidiary, Uranium One Cooperative.
Rosatom controls over 40% of the global uranium market and 17% of the international reactor fuel. Rosatom’s foreign order portfolio has been valued at $200 billion, and it includes the construction of over 20 nuclear reactors in various countries, such as India, Turkey, and Egypt.
The U.S. Treasury imposed sanctions on Rosatom last April. EU didn't follow suit.
According to NOS, through its Dutch subsidiary, Rosatom continues to actively extract raw materials in Kazakhstan and Tanzania. From those countries, the funds are routed through the Netherlands before being transferred to Russia.
In 2022, for instance, Uranium One Cooperative made a profit of $240.6 million (222 million euros), of which tens of millions were transferred to the parent company in Russia, according to the report.
NOS also wrote that uranium trading has been generating a "substantial revenue" for the Russian treasury annually, Rosatom contributed over 3.1 billion euros in taxes in 2022, the media wrote, citing the report.
"Despite this significant influx of funds into the state treasury, Rosatom has not been subjected to European sanctions," the report reads.
Olena Lapenko
(Updated: )
