UK provides loan to Ukraine for uranium enrichment

24 August 2023

The UK’s export credit agency, UK Export Finance (UKEF), is to provide a £192m ($244m) loan to Ukrainian nuclear utility Energoatom to enable Urenco to continue providing enrichment services for its nuclear fuel. UKEF support will be provided through a back-stop / guarantee with funds released by partner banks once financial terms are agreed.

Urenco welcomed the decision, noting that it had been supplying nuclear enrichment services to Ukraine since 2009 “and have our own contracts with Energoatom”. Urenco CEO Boris Schucht expressed concern about the conflict in Ukraine. “Since the start of the invasion, we have provided support to our customer, Energoatom, and its employees, and increased our supply of nuclear enrichment services to help provide energy independence and security of supply in Ukraine,” he said.

“We are actively discussing longer term supply with Energoatom and are ready to play our part in supporting their future,” he added.? “We have the capacity to meet current demand for uranium enrichment services and options to increase this to provide an enhanced offering globally.”

The loan agreement coincided with the visit to Ukraine by UK Energy Security Secretary Grant Shapps. During the visit, the Shapps met Ukraine’s Deputy Prime Minister Oleksandr Kubrakov and Minister for Energy German Galushchenko as well as Energoatom President Petro Kotin.

Image: UK Energy Security Secretary Grant Shapps (left) and Minister of Energy of Ukraine German Galushchenko (right) meet to discuss a new nuclear fuel agreement supported by the UK (courtesy of UK Government)

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