As Russia’s war of aggression against Ukraine approaches its one-year anniversary, Western governments continue working to reduce Moscow’s revenue sources, including its energy sector exports. Russia’s robust nuclear industry, however, has largely been immune from pressure. In December 2022, Rosatom State Nuclear Energy Corporation, the Russian state-owned atomic company, said it has a 10-year portfolio of overseas orders worth $200 billion and that 2023 revenue will grow by 15 percent.1
Rosatom is a key revenue-earning arm of the Russian state. At the start of the conflict, the coalition supporting Ukraine reportedly contemplated sanctions against Rosatom but ultimately abstained, likely due to tight energy supplies and high prices worldwide.2 Despite the war, Rosatom continues to meet the civilian nuclear energy needs of the United States and many of its allies and partners. As Boris Arseev, the company’s director for international business, said in August 2022, “We at Rosatom strongly believe that nuclear cooperation must not stop in these turbulent times.”3 Unfortunately, Washington and its European allies have largely agreed.