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  5. CCO: How much likelihood do you see that some key Canadian resources are sourced in Eastern Europe by the Americans if the Ukraine war should resolve soon? [Cameco Corporation]
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Q: How much likelihood do you see that some key Canadian resources are sourced in Eastern Europe by the Americans if the Ukraine war should resolve soon? Notably potash from Belarus, uranium from Russia and Aliminum from Ukraine, potentially including others I may know less.
Asked by Peter on March 17, 2025
5i Research Answer:

It's possible, but tariffs would likely apply as well. In addition, there are shipping costs to consider, and some resources are in tighter supply than others, so Canada could likely find other buyers in such a case. Keep in mind CCO, NTR and others did fine before the war even began: they will adapt.