Nuclear Feudalization: How Washington Is Locking the Future of SMR

... HALEU, SMRs remain a concept on paper. This is where uranium stops being a commodity and becomes a strategic chokepoint. There is currently only one commercial producer of HALEU in the world: TENEX, the export arm of Russia's state nuclear corporation, Rosatom. Unlike fragmented Western nuclear companies, Rosatom operates as a full-spectrum integrator—mining, enrichment, reactor design, construction, long-term fuel supply, and waste management. In turn, it does not sell components; it sells interdependency....