Putin lands $16.5B nuclear win on Russia’s doorstep in massive Kazakhstan pact: reports

Rosatom will lead construction of two advanced reactors with an export loan covering roughly 85% of the cost

Emma Bussey / Fox News  

Russia signed a landmark nuclear agreement with Kazakhstan on Thursday to build the Central Asian country’s first-ever commercial power plant, marking a major geopolitical and economic victory for President Vladimir Putin, according to reports.

The $16.5 billion project, signed during high-level bilateral talks in Astana between Putin and Kazakh President Kassym-Jomart Tokayev, will be backed by a Russian export loan covering roughly 85% of the total cost, Reuters reported.

Rosatom, Russia’s state-run nuclear corporation, will lead construction near the village of Ulken in southeastern Kazakhstan along the shores of Lake Balkhash.

Rosatom secured the primary construction mandate after beating out competition from China National Nuclear Corp., France’s EDF and Korea Hydro & Nuclear Power, the outlet said. 

The pact directly advances the Kremlin’s efforts to anchor its economic and geopolitical influence within former Soviet states amid Western sanctions.

According to the World Nuclear Association, Kazakhstan is the world's largest producer of uranium. Read more, see photos and video here.