Connect with us

Published

on

Russia is a dominant player in the global nuclear market.

Anadolu Agency | Anadolu Agency | Getty Images

Russia’s nuclear fuel industry remains conspicuously untouched by European sanctions more than seven months into the Kremlin’s war in Ukraine — much to the dismay of Kyiv officials and environmental campaigners.

Despite eight rounds of sanctions, targeted measures against energy exports and calls from Ukraine to impose a full embargo on nuclear trade, shipments of nuclear fuel to EU member states continue to make their way from Russia.

Ariadna Rodrigo, EU sustainable finance manager at environmental group Greenpeace, told CNBC via telephone that it is “absolute madness” for the bloc to continue bankrolling the Kremlin by ignoring Russia’s nuclear fuel trade.

“If EU governments are serious about stopping war, they need to cut the European nuclear industry’s umbilical cord to the Kremlin and focus instead on accelerating energy savings and renewables,” Rodrigo said.

On presenting its latest sanctions package, the European Commission did not propose targeting the trade of Russian nuclear fuel. The EU’s executive arm has previously targeted Russian oil, gas and coal as part of a broader strategy to ratchet up the economic pressure on the Kremlin.

Hungary and Bulgaria were the most vocal in opposing sanctions on Russian uranium and other nuclear tech last week, according to Rodrigo.

The fact that we are not discussing this properly just shows the double standards of the EU.

Ariadna Rodrigo

EU sustainable finance manager at Greenpeace

The commission has repeatedly condemned Russia’s war in Ukraine, accusing President Vladimir Putin of using energy as a weapon to drive up commodity prices and sow uncertainty across the 27-nation bloc. Moscow denies weaponizing energy supplies.

The few EU prohibitions on Russia’s nuclear energy sector that are in place, such as a port access ban on Russian-flagged vessels for the transport of nuclear fuel, contain numerous loopholes and campaigners argue much tougher measures are needed to reduce the bloc’s dependency on Russian nuclear services.

That sentiment is echoed by Kyiv.

Ukrainian President Volodymyr Zelenskyy said in early August that he had spoken with European Council President Charles Michel about the need for the EU to impose sanctions on the Russian nuclear industry.

“Russian nuclear terror requires a stronger response from the international community – sanctions on the Russian nuclear industry and nuclear fuel,” Zelenskyy said via Twitter at the time.

European Commission President Ursula von der Leyen and Ukraine President Volodymyr Zelenskyy (L to R) face the press during their meeting in mid-September in Kyiv, Ukraine.

Future Publishing | Future Publishing | Getty Images

More recently, a top economic advisor to Zelenskky doubled down on this message, saying it was “extremely important to impose sanctions, not only on Russian oil.”

“Oil, gas, uranium and coal, all this should be banned. Because they are using this money in order to finance this war,” Oleg Ustenko said in late September, according to The Associated Press.

The Russian Foreign Ministry and the Russian Embassy in London did not immediately respond to a CNBC request for comment.

Russia’s energy influence goes beyond oil and gas

In April, a European Parliament resolution called for an “immediate” embargo on Russian imports of nuclear fuel and urged member states to stop working with Russia’s state-run nuclear giant Rosatom on existing and new projects.

But Russia is a dominant player in the global nuclear fuel market and any move to break the EU’s reliance on its services would likely be far from pain-free, particularly with Rosatom at the heart of Europe’s dependency.

Backed by Putin, Rosatom not only dominates the civilian industry but is also in charge of Russia’s nuclear weapons arsenal and is currently overseeing the occupied Zaporizhzhia nuclear power station in Ukraine.

The European Commission has repeatedly condemned Russia’s war in Ukraine, accusing President Vladimir Putin of using energy as a weapon to drive up commodity prices and sow uncertainty across the 27-nation bloc.

Mikhail Metzel | Afp | Getty Images

There are 18 Russian nuclear reactors in Europe, in countries including Finland, Slovakia, Hungary, Bulgaria and the Czech Republic. All of these reactors rely on Rosatom for the supply of nuclear fuel and other services.

Underlining the scale of Russia’s nuclear energy influence in some member states, even as the Kremlin’s onslaught in Ukraine continues, Hungary in late August announced the construction of two new nuclear reactors by Rosatom.

Moscow accounted for almost one-fifth (19.7%) of the EU’s uranium imports last year, according to the latest available data from the Euratom Supply Agency. Only Niger (24.3%) and former Soviet republic Kazakhstan (23%) were bigger suppliers of uranium to the bloc.

Opponents of nuclear power march through the German town of Lingen in Lower Saxony holding placards with inscriptions such as “Your profit – our risk”, “Exit instead of entry”, “No business with Rosatom.”

Picture Alliance | Picture Alliance | Getty Images

The EU paid around 210 million euros ($203.7 million) to import raw uranium from Russia last year, according to estimates reported by Investigate Europe, and another 245 million euros was paid to import uranium from Kazakhstan, where mining of the nuclear fuel is controlled by Rosatom.

“We are talking about a serious amount of money here,” Greenpeace’s Rodrigo told CNBC, noting that these estimates only accounted for uranium imports and the EU’s dependency covers services across the supply chain.

Asked to what extent Europe’s uranium imports from Russia undermines its efforts to encourage others to stop importing Russian energy, Rodrigo replied: “The fact that we are not discussing this properly just shows the double standards of the EU.”

A spokesperson for the commission did not comment when contacted by CNBC.

How ‘green’ is nuclear energy?

Advocates of nuclear power argue it has the potential to play a major role in helping countries generate electricity while slashing carbon emissions and reducing their reliance on fossil fuels.

However, critics argue that nuclear power is an expensive and harmful distraction to faster, cheaper and cleaner alternatives. Instead, environmental campaign groups argue technologies such as wind and solar should be prioritized in the planned shift to renewable energy sources.

As part of the EU’s taxonomy — a mechanism that defines which investment options can be considered “green” — the bloc controversially recognized nuclear power and gas, a fossil fuel, as sustainable under some circumstances.

Austria on Monday launched a lawsuit against the EU and is seeking help from allies over the bloc’s labeling of nuclear power and gas as sustainable investment options, calling it “irresponsible and unreasonable.”

The EU has acknowledged the legal action but said it would not comment on the substance of the case.

Continue Reading

Environment

Jeep Wagoneer S EV just got a $5,000 price cut with a new Limited trim

Published

on

By

Jeep Wagoneer S EV just got a ,000 price cut with a new Limited trim

Jeep’s first electric SUV in the US just got more affordable. On Thursday, Jeep launched a new Limited trim at the Chicago Auto Show. The new 2025 Jeep Wagoneer S Limited trim is $5,000 cheaper than the Launch Edition. And it also qualifies for the $7,500 federal EV tax credit. Here’s what the new model includes.

Jeep promised a new Wagoneer S trim would be available this month, and it delivered. The new Limited model, with a starting price of $66,995, “further enhances” the electric SUV’s attractiveness.

The new Limited trim joins the Launch Edition in Jeep’s 2025 Wagoneer S lineup. The Wagoneer S Limited model is $5,000 cheaper than the Launch Edition, which starts at $71,995.

Like the initial model, the new Wagoneer S Limited still offers plenty of features and exclusive design elements. It has a black roof and mirror caps, a dual-pane panoramic sunroof, 20″ aluminum wheels, and low-profile exterior badging.

Inside, the Limited trim maintains the “best-in-class” infotainment system from the Launch Edition, with 45″ of usable screen space. Buyers can choose from a new Hyrdo Blue exterior color and Arctic Grey interior design.

Jeep-Wagoneer-S-Limited-interior
2025 Jeep Wagoneer S Limited interior (Source: Stellantis)

Other optional features include a segment-exlusive front passenger screen and a premium 920-watt McItosh sound system, The Propulsion Boost Package and Obsidian Appearance Package will be available later. The Propulsion upgrade is delivered over-the-air (OTA), providing up to 600 hp.

Jeep-Wagoneer-S-Limited
2025 Jeep Wagoneer S Limited (Source: Stellantis)

Jeep’s new model still includes its signature Selec-Terrain traction management system with five drive modes: Auto, Sport, Snow, Sand, and Eco.

With a 400V, 100 kWh battery pack, the Wagoneer S can charge from 20% to 80% in 23 minutes using a DC fast charger.

2025 Jeep Wagoneer S trim Starting Price Range
Jeep Wagoneer S Launch Edition $71,995 +300 miles
Jeep Wagoneer S Limited $66,995 +300 miles
2025 Jeep Wagoneer S price and range by trim

The 2025 Jeep Wagoneer S Limited is available to order now, starting at $66,995 (including a $1,795 destination fee). All Wagoneer S models qualify for the $7,500 EV tax credit.

Ready to test out Jeep’s new electric SUV for yourself? We can help you get started. You can use our link to find 2025 Jeep Wagoneer S models at a dealer near you today.

Embargo for Thurs Feb 6 12:01 AM ET

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Trump to help spark a nuclear energy ‘renaissance,’ investor says

Published

on

By

Trump to help spark a nuclear energy ‘renaissance,’ investor says

There's a 'nuclear renaissance,' says CIO

Nuclear energy is set for a “renaissance” that will be accelerated by backing from U.S. President Donald Trump’s administration.

That’s according to Yuri Khodjamirian, chief information officer at Tema ETFs, who noted that the Trump administration is “very, very interested in backing this technology.’ However, he also warned investors that developing this energy source is “going to take time.”

New nuclear technology approvals take “10 years to get done,” Khodjamirian said, but added that the nuclear re-emergence will likely be accelerated under the new Trump administration.

Speaking to CNBC’s Silvia Amaro on Tuesday’s “Squawk Box Europe,” Khodjamirian said his investment fund has its eyes on firms with a history of developing nuclear technology, such as U.S.-based BWX Technologies, which builds nuclear reactors for military carriers and submarines.

Khodjamirian said Tema is being “very selective in a new technology called small scale modular reactors.”

Small scale modular reactors (SMRs) are advanced nuclear reactors with the ability to provide around one-third of the generating capacity of traditional nuclear power reactors, according to the International Atomic Energy Agency.

SMRs take up less physical space compared to conventional reactors and produce a large amount of low-carbon electricity.

“There’s a lot of excitement there, and equally, a lot of loss-making companies that have unproven technologies, and we’re going for companies that have projects that are approved,” Khodjamirian said.

The nuclear energy renaissance is partly driven by a wave of people that are “realizing that it’s a stable, clean source of energy,” the chief investment officer said, adding that he believes that “there is a need for extra investment” in nuclear, alongside green energy sources that are variable in their electricity production.

“Renewables are good. They can be put up to speed quickly, but they require battery storage,” he said.

Why Amazon, Microsoft, Google and Meta are investing in nuclear power

Trump has moved quickly on his energy agenda since his return to the White House. The U.S. Senate on Monday confirmed Chris Wright, a fracking executive and a Trump ally, as energy secretary.

Wright is a known nuclear energy supporter, having previously served on the board of advanced reactor company Oklo, as well as having held the position of chief executive at Liberty Energy. The energy firm has since appointed a new CEO following Wright’s confirmation as U.S. secretary of energy.

In 2023, Wright signed a letter supporting nuclear energy.

Digital borders

Khodjamirian is also closely monitoring artificial intelligence volatility, after the emergence of China’s Open AI model DeepSeek sparked concerns over how much money big tech companies will invest in AI.

European nations have voiced security concerns over DeepSeek.

Italy was the first country to block DeepSeek on data protection concerns. France‘s privacy watchdog has expressed concerns and South Korea’s industry ministry has temporarily restricted employee access to the Chinese startup’s AI model.

Taiwan, meanwhile, banned state departments from using the Beijing-based chatbot, wary of potential security threats from Beijing.

The international pushback shows that “no one really knows exactly how to defend digital borders,” according to Khodjamirian.

Global concern will “limit the growth of this model, because it’s coming out of China, but it’s clearly showing you that the West needs to be aware that there’s a lot of technical development,” he said.

“[But] I do think it redraws some of the lines, and it’ll be interesting to see how the U.S. in particular reacts,” he added.

Continue Reading

Environment

Here’s our first look at Volkswagen’s cheapest EV, with prices starting at about $20,000

Published

on

By

Here's our first look at Volkswagen's cheapest EV, with prices starting at about ,000

We are finally getting a look at Volkswagen’s answer to BYD and other low-cost Chinese electric cars. Volkswagen previewed its cheapest EV for the first time on Wednesday. It will kick off a new series of entry-level electric vehicles, with starting prices at €20,000, or just over $20,000.

Volkswagen teases its cheapest EV for the first time

At a meeting at its Wolfsburg plant on Wednesday, Volkswagen gave employees a sneak peek at the new model. The auto giant confirmed it will be a part of a new small electric car lineup.

Volkswagen said the new entry-level EV, with a base price of €20,000 ($20,000), “will be attractive for a wide variety” of buyers.

The first model in the new series will be the production version of the ID.2all, which was unveiled in March 2022. Volkswagen said the first ID.2 models will arrive at dealerships in 2026 with a base price of less than €25,000 ($26,000).

CEO Thomas Shafer said at the meeting, “With the conclusion of negotiations in December, we set the largest future plan in Volkswagen’s history in motion.”

The ID.2 and new entry-level EV (likely the ID.1) will be key to Volkswagen’s plans to catch up with EV leaders like BYD and Tesla.

Volkswagen-cheapest-EV
Volkswagen ID.2all electric vehicle (Source: Volkswagen)

Based on the MEB Entry Platform, the ID.2 is expected to have a range of up to 279 miles (450 km). Volkswagen also teased an SUV version, which will follow in its upcoming entry-level EV lineup.

Volkswagen will introduce the show car for its new entry-level EV. The company plans to reveal the production model in 2027.

Volkswagen-cheapest-EV
Volkswagen’s ID 2all EV interior (Source: VW)

Volkswagen is preparing its Wolfsburg plant for the upcoming entry-level models. Shafer stressed that the plant would “remain the heart of the Volkswagen brand in the electric age.” It will also produce the next-gen electric Golf on Volkswagen’s new SSP platform alongside the new T-Roc EV.

For those in the US, don’t get too excited. The new entry-level EV likely won’t make the trip overseas. Shafer described the model as ” an affordable, high-quality, and profitable electric Volkswagen from Europe for Europe.”

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending