Five G7 countries form Alliance to isolate Russia from global nuclear fuel market

The United States, the United Kingdom, France, Canada and Japan have announced a G7 alliance that aims to displace Russian President Vladimir Putin from the international nuclear energy market. A statement from the British government stated that the agreement was reached at the Nuclear Energy Forum of the G7 summit in Japan. The five nations came to an agreement that they will use their respective resources and capabilities of their nation’s civil nuclear power sectors to undermine the Russian grip on the supply chain. Russia has faced multiple international sanctions from the West, ever since the commencement of the Russia-Ukraine war. 

“This agreement will be used as the basis for pushing Putin out of the nuclear fuel market entirely and doing so as quickly as possible, to cut off another means for him to fund his barbaric attack on Ukraine and fundamentally leave Russia out in the cold,” the British government asserted in a statement. The UK administration also stated that the agreement will also strengthen their respective nuclear energy sectors, which will ultimately boost the domestic sectors of the respective countries. The group came to the conclusion that this agreement will maintain a stable supply of fuel for today’s needs. During the G7 meeting, the British Secretary of State for the Department for Energy Security and Net Zero Grant Shapps asserted that cheaper and safer renewable energy sources will be a key part of ensuring energy independence in the United Kingdom. 

“This is the next vital step, uniting with other countries to show Putin that Russia isn’t welcome anymore, and in shoring up our global energy security by using a reliable international supply of nuclear fuel from safe, secure sources,” Shapps asserted. “But this is one side of the equation – the other is the need to invest in clean, cheap and secure energy sources, and our Powering Up Britain plan will do just that,” he added. In the meeting, the five nations belonging to the G-7 pledged to impose stringent sanctions on Russia as Moscow continues its aggressive attacks on Ukraine.  

The agreement will act as a ‘springboard’ for domestic development

According to the statement, the five nations believe that the agreement will enable them to make swift progress in their domestic sectors and will also ensure a secure supply of uranium fuel. The country aims to secure uranium supply through the development of shared supply chains and by ensuring that Russia still remains isolated. In the meeting, Shapps asserted that the team of five should stop being reliant on “expensive fossil fuels.” “We must stop being reliant on expensive and imported fossil fuels and focus on smarter energy solutions. The UK is already a world leader when it comes to renewables, a fact recognised by the investors I have met in the Republic of Korea and Japan this week,” he said.