Russia’s Rosatom focuses export drive on Global South

Significance Russia’s nuclear energy export business continues to thrive. Rosatom, the state-owned conglomerate, reported record overseas revenues of USD18bn in 2023 and continues to seek opportunities to build its international business. Because of the complexity and cost of the nuclear cycle, Rosatom is an important geopolitical lever for the Kremlin. Impacts Rosatom will diversify its product range into renewables, storage, hydrogen and hydropower. The conglomerate will face increased competition from companies in China, South Korea and several Western countries. Cooperation between Rosatom and Chinese companies in the Northern Sea Route will likely intensify.