Rosatom’s subsidiary in the Netherlands generates revenues for Russia’s budget

The Russian state-owned company Rosatom, through its subsidiary in the Netherlands, constantly provides additional revenues to the Russian budget, thus financing the war against Ukraine, according to an article by the Dutch NOS.

The recently published annual report of Rosatom’s subsidiary in the Netherlands, Uranium One, shows that the profits from the company’s activities end up in Russia, filling the Russian budget with hundreds of millions of euros.

Rosatom has not yet been subject to European sanctions, despite its direct role in Russia’s occupation of the Zaporizhzhia NPP, because the nuclear power industry in many countries remains dependent on it.

Through Uranium One, Rosatom extracts raw materials in Kazakhstan and Tanzania, from where the revenue goes to the Netherlands and then to Russia. Rosatom received a profit of €222 million from the subsidiary in 2022. Uranium trading and other activities also account for a significant share of revenues. 

According to official data, in 2022, Rosatom paid taxes on the Russian budget of €3.1 billion.

In late June, the EU Council adopted the latest, 14th package of economic and individual restrictive measures against Russia, which for the first time since Russia’s full-scale invasion of Ukraine included sanctions against Russian gas.

Since the start of the Russian invasion, Rosatom has been involved in the seizure of Europe’s largest nuclear power plant, Zaporizhzhia NPP in Ukraine, and maintains the operational status of the nuclear missile arsenal with which the Kremlin constantly threatens the world.

The Washington Post reported that Rosatom also imports parts for Russian tanks and aircraft, taking advantage of the lack of restrictions.

Rosatom is well aware of its weight in the Western market. Western nations have not applied sanctions on Rosatom because it will take years to find a nuclear fuel alternative.

Nuclear power plants generate a quarter of the electricity in the European Union, with 18 out of 103 power units relying on Rosatom’s nuclear fuel. Russian-French fuel powers another three reactors.