Russia sets up LEU fuel bank

31 March 2010

On 29 March 2010, IAEA Director General Yukiya Amano and the Director General of the Russian Federation´s State Atomic Energy Corporation (ROSATOM), Sergey Kiriyenko, signed an agreement to establish a reserve of low enriched uranium (LEU) for supply to the IAEA for its Member States to be located at the International Uranium Enrichment Centre in Angarsk, Russia.

IAEA and Rosatom reps sign deal
Seated: IAEA Director General Yukiya Amano (left) and Sergei Kiriyenko, Head of the State Atomic Energy Corporation (Rosatom) pose for a group photo after the signing ceremony between IAEA and Russia’s Fuel Reserve Agreement and Contract.

The LEU reserve of 120 tonnes is valued at roughly USD $250 million.

Its establishment and maintenance is to be funded by the Russian Federation, including the relevant costs of storage, safety, security and safeguards. LEU from the reserve, which is supplied to a Member State by the IAEA, would be provided at the prevailing market spot price, and the resulting proceeds would be used to replenish the reserve.

The LEU reserve is being established to provide Member States protection against possible supply disruptions unrelated to technical or commercial considerations.

The IAEA Board of Governors on 27 November 2009 approved the proposal by the Russian Federation, and authorized the Director General to sign and implement the agreement to establish a reserve of LEU for supply to the IAEA for its Member States.

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