The Trans-Caspian International Transport Route (Middle Corridor) via Azerbaijan and Georgia is the main alternative route for uranium exports from Kazakhstan for Kazatomprom, according to a press release from international rating agency Fitch Ratings.
The agency noted that Kazatomprom remains exposed to geopolitical risks, as the main export route for uranium to Western clients, which accounts for more than half of supplies, passes through the Russian port of St. Petersburg.
"Currently, there are no restrictions on uranium exports from Russia, but according to Fitch, possible sanctions could disrupt supplies. The main alternative route is the Trans-Caspian International Transport Route via Azerbaijan and Georgia. In 2025, Kazatomprom shipped 48% of its supplies to Western clients via this route. In addition, the company may use a swap mechanism with uranium inventories held abroad," the Fitch statement said.