VIENNA —? State-run nuclear holding Rosatom said Monday that its agreement to create a uranium fuel bank with the International Atomic Energy Agency will help expand demand for nuclear power.
The 120-ton uranium stockpile “means countries will have supply assurance and reliability, which means the global market will become bigger,” Rosatom head Sergei Kiriyenko said at a press conference. “The supplied stock will be paid for at market price.”
The uranium, enough to load two nuclear reactors, will be stored under IAEA seal in the Russian city of Angarsk, 5,150 kilometers southeast of Moscow. The Vienna-based UN agency agreed to oversee the fuel bank on Nov. 27. The uranium has a market value of about $190 million, according to UX Consulting, a nuclear advisory company based in Roswell, Georgia.
Kiriyenko, who signed an accord creating the bank with IAEA Director General Yukiya Amano, said the amount of uranium kept at the facility wouldn't have any commercial impact. About 10,000 tons of uranium are sold annually, according to Rosatom.
An IAEA-monitored nuclear-fuel bank has been under discussion since the agency was founded in 1957 as a way to assure supplies of reactor-grade uranium. The IAEA has also promoted the establishment of such a bank to dissuade countries such as Iran from setting up uranium programs that could be used to increase enrichment to the level required for atomic weapons.
The bank will allow countries that join the facility to obtain uranium from the stockpile, supplied entirely by Russia, if commercial uranium markets are frozen for political reasons. The IAEA will be tasked with determining whether the uranium shipment is warranted.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.